REG - Critical Metals PLC - Exercise of Warrants and Warrant Term Extension

Critical MetalsAnnouncement

11/09/2023 07:00

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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 £0.005 each in the capital of the Company ("Ordinary
Shares") split between 1,100,000 Ordinary Shares at an exercise price
of £0.10 per Ordinary Share and an additional 1,714,286 Ordinary Shares at
an exercise price of £0.05 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 £195,714.30.

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
(http://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 Morris     Tel: +44 (0)20 7236 1177

 

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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