03:34 AM EST, 01/21/2026 (MT Newswires) -- Caledonia Mining ( CMCL ) said late Tuesday it closed an upsized offering of 5.875% convertible senior notes due 2033 for a total amount of $150 million.

The final figure included a full exercise of a $25 million option by initial purchasers to acquire additional notes, the company said.

The notes carry an annual interest rate of 5.875%, have a conversion price of roughly $40.51 per share, and will mature on Jan. 15, 2033 unless they are converted, redeemed or repurchased earlier, Caledonia Mining ( CMCL ) said.

To reduce potential share dilution, the company spent approximately $14.4 million on cash-settled capped call options with a cap price of about $56.72, and the conversions will be settled using cash, common shares, or a combination of both, it said.

Shares were up 5.8% in premarket trade Wednesday.