Critical Mineral Resources PLC Completion of Cyprus Assets Sale (3822M)
September 14 2023 - 3:00AM
UK Regulatory
TIDMCMRS
RNS Number : 3822M
Critical Mineral Resources PLC
14 September 2023
14 September 2023
Critical Mineral Resources PLC
('CMR' or the 'Company')
Completion of Cyprus Assets Sale
Critical Mineral Resources plc (LON:CMRS), the exploration and
development company focused on clean energy commodities, is pleased
to announce the completion of the Cyprus Asset Sale to PM Ploutonic
Metals Ltd ('Ploutonic') and Indo-European Mining PR Ltd ('Indo').
This follows CMR's previously announced strategic decision to shift
focus from its Cyprus assets to building a diversified portfolio of
high-quality critical metals exploration and development projects
in Morocco.
Background
Critical Mineral Resources plc signed the original share
purchase agreement (the 'Original SPA') with Ploutonic and Indo
(the 'Purchasers') on 25 January 2023. The Purchasers agreed to pay
the Company US$528,001 ('Purchase Price') in cash, as staged
payments over the course of H1 2023.
The Purchasers paid the First Purchase Payment of US$100,000 on
17 February 2023, which triggered the transaction Closing. However,
the Final Purchase Payment of US$428,000 and, therefore, Completion
was delayed due to market conditions.
Amended Share Purchase Agreement
CMR and the Purchasers signed an Amendment Agreement whereby the
SPA was amended to allow the US$428,000 owed (not including
interest) to be split into two payments, the Third Payment and the
Final Payment, and for Completion to occur once the Third Payment
had been received.
Completion
The Third Payment of GBP169,639 (US$213,750) has now been
received and in accordance with the Amended SPA, Completion
occurred on 13 September 2023. The shares in CMR's Cyprus companies
are now being transferred to the Purchasers.
Final Payment in December
The Final Payment of US$214,250 plus interest is due on 22
December 2023 (Final Payment Date). The interest is calculated at
8% on any outstanding amounts from 12 May to Completion (13
September) and from Completion to the Final Payment Date.
Chris Lambert, Executive Chairman of CMR PLC, commented:
"This announcement marks an important transition in CMR's
development. The Completion of the sale of Cyprus Assets enables
the Company to ensure its focus is wholly centred on maximising
value from the exciting opportunities it is generating in
Morocco."
For further information, please contact:
Critical Mineral Resources plc info@cmrplc.com
Charles Long, Chief Executive Officer
Novum Securities
Jon Belliss +44 (0) 20 7399 9425
---------------------
Hudson Sandler (Financial PR)
Charlie Jack +44 (0) 207 796 4133
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Notes To Editors
Critical Mineral Resources (CMR) plc is an exploration and
development company focused on developing assets that produce key
commodities essential for renewable energy, battery storage and
electrification to support the clean energy revolution. These
commodities are widely recognised as being at the start of a supply
and demand supercycle.
CMR is building a diversified portfolio of high-quality metals
exploration and development projects in Morocco, focusing on
copper, nickel, manganese, cobalt, and potentially rare earths. CMR
identified Morocco as an ideal mining-friendly jurisdiction that
meets its acquisition and operational criteria. The country is
perfectly located to supply raw materials to Europe and possesses
excellent prospective geology, infrastructure and attractive
permitting, tax and royalty conditions. In 2023, the Company
acquired an 80% stake in leading Moroccan exploration and
geological services company Atlantic Research Minerals SARL.
Since taking over the CMR in 2022, the current management has
completed a comprehensive strategic review and restructuring of the
business and implemented its clear strategy to maximise exploration
and resource development opportunities for the benefit of all
stakeholders. The Company is listed on the London Stock Exchange
(CMRS.L). More information regarding the Company can be found at
www.cmrplc.com
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END
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