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Chaarat Gold to cut debt placement by half to US$50M

Chaarat Gold Holdings Ltd. is reducing its convertible debt placement to US$50 million from US$100 million after reassessing its borrowing needs.

The company said Oct. 16 that it completed the first phase of its fundraising, receiving commitments for about US$17.6 million from investors, and plans to raise the remaining US$32.4 million as soon as possible.

The decision to lower the placement stems from positive negotiations regarding its proposed acquisition of a polymetallic asset and from accelerated project funding arrangements for developing its Tulkubash gold deposit in Kyrgyzstan after the recent positive resource upgrade.

Chaarat is in the process of completing due diligence and finalizing definitive terms for the polymetallic property in the Commonwealth of Independent States and plans to sign the sale and purchase agreement as soon as possible.

Meanwhile, the company said it has made significant progress for a separate project debt financing package of up to US$100 million for Tulkubash, which is expected to reduce the upfront equity requirement to bring the mine into commercial production.