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Caracal Gold PLC - East Africa-focused gold producer - Says Cynergy Global Ltd has informed Caracal that it would like to renegotiate the terms of its investment, and reach a settlement with Caracal. This follows the agreement of a second extension in August 2024 to the second tranche payment of $500,000 due under phase 1 of the Cynergy strategic investment plan. The deadline had been extended to September 2024 to allow Caracal to deal with a due diligence query raised by Cynergy related to Caracal subsidiary Tyacks Gold Ltd. Cynergy also raised concerns on the financial position of Caracal subsidiary Kilimapesa Gold Pty Ltd, which is based in Kenya.
Caracal says an agreeable offer has not yet been reached in discussions with Cynergy to date, and that it is now under ‘significant cash flow pressure and distress’. The company is looking at all available funding options.
Current stock price: 0.27 pence
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