Caledonia Mining Corporation Plc

Issue of shares and subsequent listing of securities on VFEX

ST HELIER, Jersey, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Further to its announcement on November 29, 2021 concerning the oversubscribed placing of securities to be listed on the Victoria Falls Stock Exchange in Zimbabwe (“VFEX”), Caledonia Mining Corporation Plc (NYSE AMERICAN: CMCL; AIM: CMCL) (“Caledonia” or the “Company”) announces that it has now issued and allotted 619,783 shares of no par value each against which the same number of depositary receipts have been issued to Zimbabwe investors.

The issue of depositary receipts has raised gross proceeds for the Company of approximately US$7.83m. Listing of the depositary receipts on the VFEX is expected to occur today with trading also commencing today.

The Company now has a total number of shares in issue of 12,756,606 common shares of no par value each. Caledonia has no shares in treasury; therefore, this figure may be used by holders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company. Application has been made to AIM for admission of an equivalent number of new depositary interests representing the same number of new shares in the share capital of the Company which will rank pari passu with the existing shares in issue, and admission of those depositary interests is expected to occur tomorrow.

Caledonia Mining Corporation Plc Mark Learmonth Camilla Horsfall	Tel: [phone] Tel: [phone]
WH Ireland Adrian Hadden/ Andrew De Andrade	Tel: [phone]
Blytheweigh Financial PR Tim Blythe/Megan Ray	Tel: [phone]
3PPB Patrick Chidley Paul Durham	Tel: [phone] Tel: [phone]
Curate Public Relations (Zimbabwe) Debra Tatenda	Tel: [phone]

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014 (“MAR”) as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR.