Caledonia Mining Corporation (CMCL)

[NYBob]

Caledonia Mining Corporation Plc Completion of ATM Fund-Raising for
Solar Project, Block Admission Cancellation and Block Admission Return

(NYSE AMERICAN: CMCL; AIM: CMCL)

St Helier, September 4, 2020 -


Caledonia Mining Corporation Plc ("Caledonia" or the "Company") today announces that, further to its announcement on July 24, 2020 relating to a block admission application and an "At the Market" or "ATM" sales agreement with Cantor Fitzgerald & Co (the "ATM Sales Agreement"), the Company has now raised US$13m pursuant to the ATM Sales Agreement through the sale and issue of 597,963 shares in the Company (the "ATM Shares").



Following issue of the ATM Shares, the Company has a total number of shares in issue of 12,118,823 common shares of no par value each. Caledonia has no shares in treasury; therefore, this figure may be used by holders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company.



As disclosed in the announcement on July 24, 2020, application was made to AIM for a block admission in respect of up to 800,000 new depositary interests representing the same number of shares in the share capital of the Company which will rank pari passu with the existing shares in issue.



Given that the Company has now raised the maximum amount of funds sought under the ATM Sales Agreement through the issue of the ATM Shares, the Company has cancelled the remaining portion of the block admission (202,037 depositary interests) effective as at September 7, 2020, representing the surplus shares that are not required to be sold and issued under the ATM Sales Agreement.



As previously mentioned, Caledonia expects to use the amount of net proceeds from the sales for investment in the construction of a solar power plant to supply electricity to Blanket Mine in Zimbabwe.



In accordance with AIM Rule 29 and Schedule 6 of the AIM Rules for Companies and in full satisfaction of the Company's obligation to make announcements of the utilisation of the block admission, the Company makes the following notification regarding its block admission facility:



(a) Name of company



Caledonia Mining Corporation Plc



(b) Name of the scheme



At the Market Sales Agreement



(c) Period of return



From July 27, 2020 to September 7, 2020



(d) Number and class of securities not issued under scheme



202,037 common shares of no par value each and an equal number of depositary interests



(e) Number of securities issued under scheme during period



597,963 common shares of no par value each



(f) Balance under the scheme of securities not yet issued at the end of the period



202,037 common shares of no par value each and an equal number of depositary interests



(g) Number and class of securities originally admitted and the date of admission



800,000 depositary interests in common shares of no par value - July 27, 2020



(h) Contact name(s) and telephone number(s)



Caledonia Mining Corporation Plc

Mark Learmonth

Maurice Mason



Tel: [phone]

Tel: [phone]

WH Ireland

Adrian Hadden/James Sinclair-Ford

Tel: [phone]

Blytheweigh

Tim Blythe/Megan Ray

Tel: [phone]

3PPB

Patrick Chidley

Paul Durham



Tel: [phone]

Tel: [phone]









Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014.



Cautionary Note Concerning Forward-Looking Information

Caledonia Mining Corporation “gold miners are currently cream of the equity crop” say WHIreland
Article by: Darren Turgel 13th July 2020

https://www.directorstalkinterviews.com/caledonia-mining-corporation-gold-miners-are-currently-cream-of-the-equity-crop-say-whireland/412841166

Caledonia Mining Corporation plc (LON:CMCL) is the topic of conversation when WH Ireland’s Analyst Paul Smith caught up with DirectorsTalk for an exclusive interview.

Q1: With gold as high as it is and a solid production being delivered does this impact your forecast in any way?

A1: The current gold price – now above $1,800/oz for the first time since its last high in 2011 – is only good news for revenue, profit and cash generation from the mine. We will look to revisit our forecasts later in the year as the story of the inexorable gold price rise unfolds. We currently use a $1,685/oz gold price for 2020 and suffice it to say if the gold price remains above $1,800/oz for a sustained period we will have to provide an upward revision to our forecasts.