Gold miner Caledonia slides after upsized $125 mln convertible bond sale
U.S.-listed shares of gold producer Caledonia Mining CMCL.N down 10.6% premarket at $28.97 after above-target capital raise
Caledonia early Thurs announced pricing pri vate offering of $125 mln 5.875% 7-yr convertible bonds
Offering size increased from $100 mln; initial conversion price of $40.51 represents 25% premium to CMCL last close
Co expects to use net offering proceeds to develop the Bilboes gold project in Zimbabwe, and for general corporate and operational needs and working capital
It also plans to use $12 mln of proceeds to pay the cost of capped calls, derivative transactions employed to help offset potential dilution
Caledonia early Weds said in a production update that it planned to spend $132 mln this year on the Bilboes project
Through Weds, CMCL up ~24% to begin 2026 for roughly $625 mln market value, per LSEG data. Shares have more than tripled over the past year
This as spot gold XAU= extended its record-breaking rally on Weds amid geopolitical and economic uncertainties GOL/
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