Completion of Cyprus Assets Sale
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 £169,639 (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:
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Critical Mineral Resources plc
Charles Long, Chief Executive Officer |
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Novum Securities
Jon Belliss |
+44 (0) 20 7399 9425 |
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Hudson Sandler (Financial PR)
Charlie Jack |
+44 (0) 207 796 4133 |
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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