23 October 2020

Chaarat Gold Holdings Limited - (AIM:CGH)

("Chaarat" or the "Company")

Completion of Debt Refinancing

Further to the Company's announcement on 6 October 2020 (RNS 2680B), Chaarat (AIM:CGH), the AIM-quoted gold mining company with assets in the Kyrgyz Republic and Armenia is pleased to announce that it has completed the extension and refinancing of its US$19.4 million investor loan plus US$1.1 million of accrued interest (the "Investor Loan") and has issued the 7,500,000 new ordinary shares of US$0.01 each in the Company ("Ordinary Shares") to Labro Investments Limited ("Labro") in connection with that part of the loan which it has refinanced (the "Refinancing Fee Shares").

Labro now holds:

If all Loan Notes were subsequently converted (assuming full conversion of principal and interest to maturity) and no options to subscribe for Ordinary Shares issued by the Company were exercised, no other convertible loan notes issued by the Company were converted and no other Ordinary Shares were issued), Labro would hold 213,941,903 Ordinary Shares representing 40.00% of the resulting enlarged share capital. Additionally, if the balance of the Investor Loan (as described in the Company's announcement on 6 October 2020) is not repaid by 31 October 2020, a further 8,000,000 new Ordinary Shares will be issued to Labro pursuant to the security fee arrangements applicable to that loan. After this share issue Labro would hold 221,941,903 representing 40.88% of the resulting enlarged share capital.

Mr Martin Andersson, who is indirectly beneficially interested in the majority of shares of Labro, is beneficially interested directly in 5,829,996 Ordinary Shares and, pursuant to restricted share awards and share options granted by the Company to Mr Andersson, may become entitled to a further 18,474,057 Ordinary Shares. If Mr Andersson were to acquire all the shares to which he may become entitled, on a combined basis, Labro and Mr Andersson would together hold 246,245,956 Ordinary Shares representing 44.03% of the resulting enlarged share capital.

Application has been made for the Refinancing Fee Shares to be admitted to trading on AIM, and it is expected that admission will become effective and trading of the Refinancing Fee Shares will commence on or around 8:00am (London time) on 28 October 2020.

Following the admission of the Refinancing Fee Shares, the Company's enlarged issued share capital will comprise 532,062,210 ordinary shares of US$0.01 each. This figure may be used by shareholders of the Company as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules Sourcebook.

Enquiries

About Chaarat

Chaarat is a gold mining company which owns the Kapan operating mine in Armenia as well as Tulkubash and Kyzyltash Gold Projects in the Kyrgyz Republic. The Company has a clear strategy to build a leading emerging markets gold company with an initial focus on Central Asia and the FSU through organic growth and selective M&A.

Chaarat is engaged in active community engagement programmes to optimise the value of the Chaarat investment proposition.

Chaarat aims to create value for its shareholders, employees and communities from its high-quality gold and mineral deposits by building relationships based on trust and operating to the best environmental, social and employment standards. Further information is available at www.chaarat.com

Appendix 1 - PDMR form