Caracal Gold Plc, UK-based Mining firm said Monday that it has raised US$2.7 million via a share placing, and will use the money for the Kilimapesa gold mine in Kenya.
The miner, which operates in East Africa, said that it has placed 177 million new ordinary shares that were bought by a major shareholder of the company and strategic clients of Clear Capital Markets, a UK- based stockbroker and wealth manager.
“The funds will help advance our active growth plans further at Kilimapesa, as we target a 100% gold production uplift to 2,000 ozs per month in 2022, and at a highly prospective time for gold producers,” Chief Executive Robbie McCrae said.
Kilimapesa is an established, permitted, and operating gold mine with current gold sales and successive gold pours in 2021.
Operations recommenced in 2020 after a period of 18 months on care and maintenance following the remedy of several historic issues and the plant continues to operate and gold sales are continuing under existing gold refining agreements in Europe.
Additionally, underground mine operations have commenced, which have resulted in higher grade ore now feeding the plant.