Gold miner Caledonia tumbles after $100 mln convertible announced
U.S.-listed shares of gold producer Caledonia Mining CMCL.N down 16.6% in extended trading to $27.03 after planned capital raise news
Co announces private offering of $100 mln convertible bonds due 2033
It plans to use net offering proceeds to develop the Bilboes gold project in Zimbabwe, and for general corporate and operational needs and working capital
Co also expected to use proceeds to pay the cost of capped calls, derivative transactions employed to help offset potential dilution
CMCL on Weds ended down 1.3% at $32.41 for roughly $625 mln market value, per LSEG data
Shares up 24% to begin 2026 and have more than tripled over the past 12 months
This as prices of gold XAU= and silver XAG= extend record-breaking rallies amid geopolitical and economic uncertainties GOL/
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