REG - Critical Mineral - Completion of Cyprus Assets Sale

Critical Mineral ResourcesAnnouncement

14/09/2023 09:00

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RNS Number : 3822M  Critical Mineral Resources PLC  14 September 2023

14 September 2023

Critical Mineral Resources PLC

('CMR' or the 'Company')

Completion of Cyprus Assets Sale

Critical Mineral Resources plc (LON:CMRS), the exploration and development
company focused on clean energy commodities, is pleased to announce the
completion of the Cyprus Asset Sale to PM Ploutonic Metals Ltd ('Ploutonic')
and Indo-European Mining PR Ltd ('Indo'). This follows CMR's previously
announced strategic decision to shift focus from its Cyprus assets to building
a diversified portfolio of high-quality critical metals exploration and
development projects in Morocco.

 

Background

Critical Mineral Resources plc signed the original share purchase agreement
(the 'Original SPA') with Ploutonic and Indo (the 'Purchasers') on 25 January
2023. The Purchasers agreed to pay the Company US$528,001 ('Purchase Price')
in cash, as staged payments over the course of H1 2023.

 

The Purchasers paid the First Purchase Payment of US$100,000 on 17 February
2023, which triggered the transaction Closing. However, the Final Purchase
Payment of US$428,000 and, therefore, Completion was delayed due to market
conditions.

 

Amended Share Purchase Agreement

CMR and the Purchasers signed an Amendment Agreement whereby the SPA was
amended to allow the US$428,000 owed (not including interest) to be split into
two payments, the Third Payment and the Final Payment, and for Completion to
occur once the Third Payment had been received.

 

Completion

The Third Payment of £169,639 (US$213,750) has now been received and in
accordance with the Amended SPA, Completion occurred on 13 September 2023. The
shares in CMR's Cyprus companies are now being transferred to the Purchasers.

 

Final Payment in December

The Final Payment of US$214,250 plus interest is due on 22 December 2023
(Final Payment Date). The interest is calculated at 8% on any outstanding
amounts from 12 May to Completion (13 September) and from Completion to the
Final Payment Date.

 

Chris Lambert, Executive Chairman of CMR PLC, commented:

"This announcement marks an important transition in CMR's development.  The
Completion of the sale of Cyprus Assets enables the Company to ensure its
focus is wholly centred on maximising value from the exciting opportunities it
is generating in Morocco."

 

 

 

For further information, please contact:

 

 Critical Mineral Resources plc           info@cmrplc.com (mailto:info@cmrplc.com)

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

 Jon Belliss
 Hudson Sandler (Financial PR)            +44 (0) 207 796 4133

 Charlie Jack

 

Notes To Editors

Critical Mineral Resources (CMR) plc is an exploration and development company
focused on developing assets that produce key commodities essential for
renewable energy, battery storage and electrification to support the clean
energy revolution. These commodities are widely recognised as being at the
start of a supply and demand supercycle.

 

CMR is building a diversified portfolio of high-quality metals exploration and
development projects in Morocco, focusing on copper, nickel, manganese,
cobalt, and potentially rare earths. CMR identified Morocco as an ideal
mining-friendly jurisdiction that meets its acquisition and operational
criteria. The country is perfectly located to supply raw materials to Europe
and possesses excellent prospective geology, infrastructure and attractive
permitting, tax and royalty conditions. In 2023, the Company acquired an 80%
stake in leading Moroccan exploration and geological services company Atlantic
Research Minerals SARL.

 

Since taking over the CMR in 2022, the current management has completed a
comprehensive strategic review and restructuring of the business and
implemented its clear strategy to maximise exploration and resource
development opportunities for the benefit of all stakeholders. The Company is
listed on the London Stock Exchange (CMRS.L). More information regarding the
Company can be found at www.cmrplc.com (http://www.cmrplc.com)

 

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