REG - Caerus Mineral Res. - Closing of Cyprus Assets Sale

Critical Mineral ResourcesAnnouncement

26/01/2023 07:30

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RNS Number : 9546N  Caerus Mineral Resources PLC  26 January 2023

26 January 2023

Caerus Mineral Resources PLC

('Caerus' or the 'Company')

Closing of Cyprus Assets Sale

Caerus Mineral Resources plc (LON: CMRS) is pleased to announce it has signed
the share purchase agreement (the "SPA") with PM Ploutonic Metals Ltd
("Ploutonic") and Indo-European Mining PR Ltd ("Indo") for the sale of the
Company's Cyprus subsidiaries. Caerus is now wholly focused on the acquisition
of larger upstream development opportunities in the battery metals sector,
aligned to its strategic partnership with EV Metals Group (EVM).

Terms of the SPA

In line with the Heads of Agreement announced on 7 December 2022, Ploutonic
and Indo (the "Purchasers") will pay the Company US$528,001 in cash, in
staged payments. Closing will occur once Caerus has received the First
Purchase Payment of US$100,000, anticipated to be on 30 January 2023.
Completion will occur on 31 June 2023 ("Final Completion Date").

Troulli Resource Expansion Payment

As explained in the 7 December 2022 announcement, in the event that the
Purchasers produce a new JORC or NI 43-101 compliant mineral resources
estimate at the Troulli Project, demonstrating 7.75 million tonnes or more at
a 0.5% copper equivalent (CuEq*) cut-off grade or higher, the Purchasers will
pay Caerus an additional US$432,000 in cash.

Commenting Chris Lambert, Chairman, stated:

"We are pleased to announce the signing of the formal agreement for the sale
of our Cyprus portfolio, which will complete at the end of June. Whilst we
retain an interest in the Troulli Project's success and believe the asset is
in strong hands, this transaction marks the end of Caerus' direct involvement
in Cyprus. With the recently announced exclusive RIWAQ option agreement
with EVM and several other potential projects under review, Caerus is
transitioning from a single project Company to becoming part of the upstream
supply chain for critical minerals in the UK and Europe".

Related Parties

Ploutonic and Indo are shareholders of the Company, holding as at the date
of this announcement 1.3 and 8.39 per cent. respectively of the voting rights
of the Company. The beneficial owner of Ploutonic is Andrew Daniels, a
previous Non-Executive Director of the Company, and the beneficial owner
of Indo is Pierre Richard. The independent directors of the Company have
determined that the terms of the proposed transaction are fair and reasonable
and in the best interest of its shareholders.

* CuEq (%) is to be calculated as = Cu(%) x 0.871 + Au(g/t) x 0.65

For further information, please contact:

 

 Caerus Mineral Resources plc             info@caerusmineralresources.com (mailto:info@caerusmineralresources.com)

 Charles Long, Chief Executive Officer
 Novum Securities                         +44 (0) 20 7399 9425

 Jon Belliss

 

 

 

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