Caerus Mineral Resources PLC Closing of Cyprus Assets Sale (9546N)
26 January 2023 - 6:30PM
UK Regulatory
TIDMCMRS
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
Charles Long, Chief Executive Officer
Novum Securities
Jon Belliss +44 (0) 20 7399 9425
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