Caracal Gold PLC on Tuesday said that it has raised £780,000 via a subscription, through the issue of 260.0 million shares.

The East Africa-focused gold producer said the shares were priced at £0.003 each. The funds of the subscription will be paid in five equal instalments of £156,000, and Caracal will issue 260.0 million new shares once the final instalment is complete.

Every subscriber will be issued with one warrant for each new share, with an exercise price of £0.0042 per warrant. The warrants will expire in three years from the admission of the subscription shares to trading.

The admission of the shares is, however, conditional upon approval of a prospectus by the Financial Conduct Authority. To finalise the prospectus, Caracal will need to publish its audited results for the year ended June 30, and unaudited interim results for the six months ended December 31.

The firm said that ‘good progress’ was being made on the audit, which once complete, should allow it to finalise its interim results.

The funds will be used for working capital.

Caracal Gold shares were flat at 0.27 pence each in London on Tuesday at noon.

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