REG - Critical Metals PLC - Financial and Corporate Restructuring

Critical MetalsAnnouncement

19/12/2024 07:30

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RNS Number : 7366Q  Critical Metals PLC  19 December 2024

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

 

19 December 2024

Critical Metals Plc

("Critical Metals" or the "Company")

Financial and Corporate Restructuring to Advance the Molulu Project

 

Critical Metals plc, developer and operator of the Molulu Copper/Cobalt
Project ("Molulu" or the "Project") in the Democratic Republic of Congo
("DRC"), announces that it has constituted a £173,913 convertible loan note
instrument ("CLN Instrument") and the Company's strategic investor, NIU Invest
SE ("NIU") has agreed to subscribe for £173,913 ("December Bridge Amount")
Convertible Loan Notes ("CLNs"). The CLNs are convertible into shares in
Critical Metals at the lower of £0.02 per Ordinary Share of £0.005 each in
the capital of the Company ("Shares") and the lowest price at which Shares are
issued after the date of this CLN Instrument but on or before the date that
the CLNs convert.  If the CLN are not converted or redeemed prior to 28
February 2025 then interest shall begin to be payable on any outstanding CLN
at a rate of 1% per month. The CLNs are due to be redeemed on 9 April 2025.
The proceeds of the CLN issue will be used for working capital. This follows
on from NIU's purchase of rights to the facility agreement under which the
Company previously obtained a loan from an international financial
institution.  The Company remains in exclusive discussions with NIU (subject
to the City Code) with a view to NIU providing the capital it needs to fund
further exploration at Molulu.

 

Board Changes

Given the Company's ongoing licence renewal the Company has decided to deepen
the local experience of the Board by appointing Mr. Jean Pierre Tshienda as
Executive Director.  Mr Tshienda is a UK national of Congolese origin who
divides his time between the UK and the DRC.  Mr. Tshienda is an accomplished
mining professional with extensive expertise in natural resource management,
mining governance, and international business economics, particularly within
the DRC. He holds a degree in Economics & International Business and a
Master of Arts in Global Affairs as well as Diploma in Natural Resources
Management & Governance.  In the past he has performed a consulting role
for the DRC Mining Cadastre.

 

Alongside this appointment, Marcus Edwards-Jones has decided to step down from
his role as a Non-Executive Director to focus on his role at Phoenix Copper,
effective 18 December 2024.  The Board has decided to appoint Mr. Kelvin
Williams as a Non-Executive Director to add greater finance expertise to the
Board. Mr. Williams has held senior leadership positions across multiple
industries, geographies and sectors including manufacturing,
telecommunications, agriculture, and chemical production. His experience
includes strategic restructuring, project financing, and guiding companies
through periods of operational and financial transformation. Notable
achievements in his career range from facilitating complex M&A
transactions to overseeing critical international projects spanning the UK,
France, the USA, and Africa.  He holds a Business Studies Honours Degree and
is a Fellow of the Chartered Institute of Management Accountants.

 

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

 

"On behalf of the Board, I would like to extend my heartfelt thanks to Marcus
for his invaluable contributions during his tenure. He provided steadfast
leadership when it was truly needed and has not only been a business
colleague, but also a trusted friend. I wish him all the very best in his
future endeavours.

 

"At the same time, I am delighted to welcome Jean-Pierre and Kelvin to the
Board. Their track record in the DRC and extensive global experience
significantly strengthens our team as we position Critical Metals for 2025.
The CLN funding assists our working capital position while our discussions
with NIU concerning the next stage of funding for Molulu are progressed."

 

**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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