REG - Critical Metals PLC - Warrant Extension and Revised Exercise Price

Critical MetalsAnnouncement

28/03/2024 08:00

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RNS Number : 6089I  Critical Metals PLC  28 March 2024

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

 

28 March 2024

Critical Metals Plc

("Critical Metals" or the "Company")

Warrant Extension and Revised Exercise Price

Critical Metals plc, a mining investment company established to acquire mining
opportunities in the critical and strategic metals sector, announces that the
Company intends to extend the exercise period of a total of 15,571,428
warrants and reprice the £0.40 warrants.

Rational

The Board has made the strategic decision to reprice and extend the maturity
the 40 pence warrants in order to have greater confidence in the timing of the
conversion of the warrants. Furthermore, the dilution effect is already known
to the market, resulting in no additional change to the fully diluted shares
outstanding.

 

Extension of Warrants

The Company announces its intention to extend the exercise period of all
outstanding warrants along with the exercise repricing of certain warrants as
follows:

-      a total of 9,000,000 warrants, which are exercisable on or before
the 31 March 2024 at 40 pence per share ("RTO Warrants") to be extended to 31
March 2025 and exercise price adjusted to 10 pence per share, noting director
Russell Fryer holds 25,000 of these warrants;

-      a total of 400,000 warrants which are exercisable on or before 31
March 2023 at 10 pence per share ("10p Warrants") to be extended to 31 March
2025, noting director Russell Fryer holds 400,000 of these warrants;

-      a total of 1,771,428 warrants which are exercisable on or before
31 March 2023 at 5 pence per share ("5p Warrants") to be extended to 31
March 2025, noting director Russell Fryer holds 571,428 of these warrants and
director Marcus Edwards-Jones holds 200,000 of these warrants and former
director Anthony Eastman holds 1,000,000 of these warrants

-      A total of 2,400,000 warrants exercisable on or before 31 May 2024
at 40 pence per share ("May 2023 Warrants") to be extended to 31 March 2025
and exercise price adjusted to 10 pence per share noting director Russell
Fryer holds 40,000 of these warrants; and

-      A total of 2,000,000 warrants exercisable on or before 15
September 2024 at 40 pence per share ("Loan Funding Warrants") to be extended
to 31 March 2025 and exercise price adjusted to 10 pence per share.

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 and extended in September 2023, whilst the 10p
Warrants and 5p 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, September 2023 and
January 2024. The May 2023 Warrants were issued as part of the May 2023
fundraise whilst the Loan Funding Warrants were issued as part of the loan
funding received in September 2023.

 

All other terms and conditions of the Warrants remain unchanged.  The
extensions of the RTO Warrants, 10p Warrants, 5p Warrants and May 2023
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
 St Brides Partners Ltd

 Financial PR

                               Tel: +44 (0)20 7236 1177

 Ana Ribeiro/Isabelle Morris

 

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 asset in the Katangan Copperbelt in the Democratic Republic of
Congo.

 

The Company will continue to identify future assets that are in line with its
stated acquisition objective of low CAPEX and OPEX brown-field projects with
near-term production and cash-flow, whilst concentrating on minerals that have
strategic importance to future economic growth thereby generating significant
value for shareholders.

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