Critical Metals PLC Exercise of Warrants and Warrant Term Extension (9333L)
September 11 2023 - 1:00AM
UK Regulatory
TIDMCRTM
RNS Number : 9333L
Critical Metals PLC
11 September 2023
Critical Metals plc / EPIC: CRTM / Market: Main Market
11 September 2023
Critical Metals plc
("Critical Metals" or the "Company")
Exercise of Warrants and Warrant Term Extension
Critical Metals plc, a mining investment Company established to
acquire mining opportunities in the critical and strategic metals
sector, announces that it has received warrant exercise notices to
subscribe for a total of 2,814,286 new ordinary shares of GBP0.005
each in the capital of the Company ("Ordinary Shares") split
between 1,100,000 Ordinary Shares at an exercise price of GBP0.10
per Ordinary Share and an additional 1,714,286 Ordinary Shares at
an exercise price of GBP0.05 per Ordinary Share (the "Warrant
Shares").
A total of 2,814,286 Warrant Shares have been exercised
resulting in total gross proceeds to the Company of
GBP195,714.30.
Admission
Application has been made for the 2,814,286 Warrant Shares to be
admitted to the standard segment of the Official List and to
trading on the main market for listed securities of the London
Stock Exchange, and admission of the Warrant Shares is expected to
occur on or around 21 March 2023 ("Admission"). The Warrant Shares
will rank pari passu with the existing Ordinary Shares.
For the purpose of the Disclosure and Transparency Rules,
following Admission the enlarged issued share capital of the
Company will comprise 65,129,521 Ordinary Shares. The Company does
not hold any shares in treasury. The above figure may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the Company, under the Disclosure
and Transparency Rules.
Extension of Warrants
In addition, given copper ore sales are about to begin after
months of complex negotiations with six different purchasers, the
Company announces its intention to extend the exercise period of a
total of 9,000,000 warrants, which are exercisable on or before the
11 September 2023 at 40 pence per share ("RTO Warrants") to 31
March 2024, and a total of 2,171,428 warrants held by the Directors
that are exercisable on or before 30 September 2023: (i) 400,000
warrants exercisable at 10 pence per share ("10p Warrants"); and
(ii) 1,771,428 warrants exercisable at 5 pence per share ("5p
Warrants") (together the "IPO Warrants") to 31 December 2023 given
the current directors sit in a closed period ahead of the expiry
date.
These RTO Warrants were granted at the time of re-admission of
the Company's Ordinary Shares to the standard segment of the
Official List and to trading on the main market for listed
securities of the London Stock Exchange plc on 12 September 2022
whilst the IPO Warrants were granted at the time of re-admission of
the Company's Ordinary Shares to the standard segment of the
Official List and to trading on the main market for listed
securities of the London Stock Exchange plc on 29 September 2020
and extended in March 2023.
All other terms and conditions of the Warrants remain unchanged.
The extensions of the IPO Warrants, 5p Warrants and the 10p
Warrants are related party transactions for the purposes of DTR
7.3.3 as one or more directors is interested in each of these
classes of warrants.
**ENDS**
For further information on the Company please visit
www.criticalmetals.co.uk or contact:
Critical Metals plc
Russell Fryer, CEO Tel: +44 (0)20 7236 1177
Peterhouse Capital Limited
Corporate Broker
Lucy William / Charles Goodfellow Tel: +44 (0)20 7469 0936 / +44 (0)20
7220 9797
----------------------------------------
St Brides Partners Ltd
Financial PR
Catherine Leftley /Ana Ribeiro/Isabelle Tel: +44 (0)20 7236 1177
Morris
----------------------------------------
About Critical Metals
Critical Metals PLC has acquired a controlling 100% stake in
Madini Occidental Limited, which holds an indirect 70% interest in
the Molulu copper/cobalt project, an ex-producing medium-scale
asset in the Katangan Copperbelt in the Democratic Republic of
Congo. In line with its investment strategy of focusing primarily
on known deposits, targeting projects with low entry costs and the
potential to generate short-term cash flow; the Company intends to
produce 120,000t/per annum of Copper Oxide Ore.
The Company will continue to identify future assets that are in
line with its stated acquisition objective of low CAPEX and OPEX
projects with near-term production, concentrating on minerals that
are perceived to have strategic importance to future economic
growth and generate significant value for shareholders.
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END
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