REG - Critical Metals PLC - Debt Restructuring Update

Critical MetalsAnnouncement

13/12/2024 15:45

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RNS Number : 0988Q  Critical Metals PLC  13 December 2024

Critical Metals plc / EPIC: CRTM / Market: Main Market

 

 

13 December 2024

Critical Metals Plc

("Critical Metals" or the "Company")

Debt Restructuring  Update

 

On 11 November 2024 the Company announced that it had reached agreement with
its international financial institution to reschedule its payments under its
facility agreement dated 13 September 2023 ("Facility Agreement") to deferred
payments to 20 December 2024.  NIU Invest has now acquired the rights in that
Facility Agreement and  £63,600 of convertible loan notes issued to the
international financial institution under the convertible loan note instrument
issued by the Company dated 09 April 2024.  The Company has agreed with NIU
the payment of the sums due under the Facility Agreement will be extended
until 20 June 2025.  The extension contains customary default and cross
default provisions.  The international financial institution's security for
the Facility Agreement has also been novated to NIU invest.  NIU is exploring
further funding into CRTM and the Company will update the market in due
course.

 

The Company has also been in discussion with a number of creditors and has
reached agreements in principle to reduce the amounts owed and/or convert the
 amounts owed to equity at  a later date.  These statements  are subject
to legally binding agreements being entered into.

 

Commenting on the strategic Board changes, Russell Fryer, CEO of Critical
Metals plc said:

 

"We are taking significant steps to simplify and restructure our balance
sheet, a vital step in aligning our financial position with our strategic
goals. This approach will allow us to concentrate our efforts on advancing the
Molulu Project ensuring its development remains our primary focus."

 

**ENDS**

 

 Critical Metals plc

 CEO

 Russell Fryer                  critical@stbridespartners.co.uk

 Fox-Davies Capital Limited

 Corporate Broker

 Daniel Fox-Davies              Tel: +44 (0)20 3884 8450

 St Brides Partners Ltd

 Financial PR

 Ana Ribeiro / Charlotte Page   critical@stbridespartners.co.uk

 

About Critical Metals

London listed Critical Metals plc is focused on identifying low CAPEX and OPEX
brown-field projects with near-term production and cash-flow, concentrating on
minerals that have strategic importance to future global economic growth.  In
line with this, and with an off-take partner already in place, the Company is
currently focused on developing the formerly producing Molulu Copper/Cobalt
Project in the Katangan Copperbelt in Democratic Republic of Congo ('DRC').

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