Critical Mineral
Resources PLC
('CMR' or the
'Company')
Purchase of Loan Notes and
Issue of Equity
Critical Mineral Resources PLC ('CMR' or the
'Company'), the exploration, metals trading and development company
focused on critical metals and minerals in Morocco is pleased to
announce the capitalisation of loan notes and the issue of capital.
The details are set out below.
Purchase of
Loan Notes and Issue of Equity
Further to the Company's RNS dated 17 July
2024 setting out the details of the Convertible Loan Notes, the
Company confirms that it has entered into an arrangement with the
loan note holders. Under the terms of the settlement deed Mr.
Dominic Traynor, a director of the Company will purchase from the
loan note holders £325,619.17 of the balance due under the
loan notes, in consideration, the loan note holders will be
paid £325,619.17 in cash (the "Acquisition").
In accordance with the terms of the Covertible
Loan Notes, Mr Dominic Traynor, a director of the Company will
convert the balance into 29,601,743 new ordinary shares of £0.01
each (the "Conversion Shares") at a conversion price of 1.1p per
share (the "Conversion").
Following admission of the Conversion Shares,
Mr. Traynor has agreed to sell the Conversion Shares to investors
arranged by the Company, at the same price per share as the
Conversion, being 1.1p (the "Placing"), for a gross consideration
of £325,619.17.
Completion of the Conversion is conditional on,
inter alia, the Conversion Shares being admitted to trading on
the London Stock Exchange on or around 23 December
2024 ("Admission").
Admission
Application has been made for the Conversion
Shares to be admitted to trading on the main market for listed
securities of the London Stock Exchange, and admission of the
Conversion Shares is expected to occur at 8.00am on or around 23
December 2024. The Conversion Shares will rank pari passu with the
existing Ordinary Shares.
Following Admission, the enlarged issued share
capital of the Company will comprise 114,931,771 ordinary shares of
which the Company holds 1,129,592 in treasury and is not permitted
to exercise the attached voting rights. Therefore, Total Voting
Rights calculations should be based on 113,802,179 to determine if
shareholders are required to notify their interest, or a change to
their interest, under the Disclosure and Transparency
Rules.
CONTACT:
|
Critical Mineral Resources PLC
Charles Long, Chief Executive
Officer
|
info@cmrplc.com
|
|
Novum Securities
Jon Belliss
|
+44 (0) 20 7399 9425
|
Notes To
Editors
Critical Mineral Resources (CMR) PLC is an
exploration and development company focused on developing assets
that produce key commodities for the global economy including those
essential for electrification and the clean energy revolution. Many
of 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, manganese and potentially other
critical minerals and metals. 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, good 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