Caledonia mining corporation plc transaction to acquire the bilboes gold project in zimbabwe

St helier, jersey, july 21, 2022 (globe newswire) -- (nyse american: cmcl; aim: cmcl; vfex: cmcl) caledonia mining corporation plc (“caledonia” or the “company”) is pleased to announce that it has signed an agreement to purchase bilboes gold limited, the parent company which owns, through its zimbabwe subsidiary, bilboes holdings (private) limited (“bilboes holdings”), the bilboes gold project in zimbabwe (“bilboes” or the “project”) for a total consideration of 5,123,044 caledonia shares representing approximately 28.5 per cent of caledonia's fully diluted equity, and a 1 per cent net smelter royalty (“nsr”) on the project's revenues (the “transaction”). based on yesterday's closing share price on nyse american of $10.40 per share, the value of the new shares that will be issued as consideration is currently $53,279,658. completion of the transaction will be subject to several conditions set out below.
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