Caledonia Mining down 19% following $100M convertible notes offering

Shares of Caledonia Mining (CMCL) have fallen 18.7% intra day to $26.35 following the company’s announcement after the close on Wednesday night of a proposed $100M convertible senior notes offering. Caledonia said it expects proceeds from the proposed offering to help with “additional financial flexibility and enhanced options with respect to any or all of the following: developing the Bilboes gold project in Zimbabwe; and general corporate needs, ongoing operational needs and working capital requirements.”