REG - Citius Resources PLC - Project Update

Citius ResourcesAnnouncement

26/10/2023 09:15

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RNS Number : 4020R  Citius Resources PLC  26 October 2023

26 October 2023

Citius Resources Plc

 

("Citius" or the "Company")

 

Project Update

 

Citius Resources Plc (LSE: CRES), the London listed natural resources
investment company is pleased to announce that it has entered into a binding
Heads of Terms for the acquisition of 100% of the issued shares in Harena
Resources Pty Ltd ("Harena") the 75% owner of the Ampasindava Rare Earths
Project in Madagascar (the, "Acquisition").

Harena is an Australian domiciled company preparing to develop the 75% owned
Ampasindava Rare Earths Project, which will include the mining and processing
of Ionic Clay material to extract Rare Earth elements to produce Mixed Rare
Earth Carbonate or Mixed Rare Earth Concentrate.

Citius has agreed to terminate its previous agreement with AUC Mining (U)
Limited for the acquisition of the Kamalenge Gold Project in the Mubende Gold
District, Uganda with immediate effect. The Company will remain suspended
pending the publication of a prospectus providing further details on Harena
and the Company as enlarged by the Acquisition, or an announcement that the
Acquisition or Reverse Take Over (''RTO") is not proceeding.

Should the Acquisition complete, it would constitute an RTO under the Listing
Rules and accordingly, the Company would apply for the re-admission of its
shares to the Official List and the Main Market of the London Stock Exchange.

 

 

Cameron Pearce, Citius Director commented:

 

"The Citius board looks forward to keeping shareholders informed of further
developments in what we believe is a compelling Acquisition in an exciting
commodity space, as the global move towards decarbonisation gathers pace.

Citius will be working closely with Harena, which is already in an advanced
RTO ready stage, to complete the due diligence and prospectus for the
relisting of the company as soon as practicable."

 

 

About Citius

 

Citius Resources Plc was incorporated in England and Wales on 15 April 2020
and was formed to undertake the acquisition of a target company or business
(the "Acquisition").

 

Following completion of an Acquisition, the objective of the Company will be
to operate the acquired business and implement an operating strategy with a
view to generating value for its Shareholders through operational improvements
as well as potentially through additional complementary acquisitions following
the Acquisition. Following the Acquisition, the Company intends to seek
re‐admission of the enlarged group to listing on the Official List and
trading on the London Stock Exchange or admission to another stock exchange.

 

The Company's efforts in identifying a prospective target company or business
will not be limited to a particular industry or geographic region. However,
given the experience of the Directors, the Company expects to focus on
acquiring an exploration or production company or business in the natural
resources sector with either all or a substantial portion of its operations in
Europe, Africa, and the Middle East.

 

When assessing a potential Acquisition, the Board will pay particular
attention to the following overriding factors:

•           the existence of production and/or potential
production which will over time provide cash flow for the business;

•           strong exploration potential in known natural
resources producing areas;

•           the quality of the management; and

•           an established track record of developing mining
projects.

 

Dealing Codes

 

 ISIN                                                                                                                                          GB00BMGRFP88
 SEDOL                                                                                                                                         BMGRFP8
 LEI                                                                                                                                           213800TNHZ0A4JIZK687
 TIDM                                                                                                                                          CRES

 

Prospectus

 

The Prospectus published by the Company's on 19 August 2021 in connection with
Admission can be found at www.citiusresources.co.uk
(http://www.citiusresources.co.uk) and will also be available at the FCA's
Document Storage Mechanism at http://www.morningstar.co.uk/uk/NSM
(http://www.morningstar.co.uk/uk/NSM) . The TIDM code is "CRES" (ISIN:
GB00BMGRFP88).

 

 

 Contact details:

 Citius Resources Plc

 Cameron Pearce             Tel: +44 (0)1624 681 250

                            info@citiusresources.co.uk
 Tavira Securities Limited

 Jonathan Evans             Tel: +44 (0)20 7330 1833

                            jonathan.evans@tavirasecurities.com
 Shard Capital Partners

 Damon Heath                Tel: +44 (0)20 7186 9927

                            damon.heath@shardcapital.com

 

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