(Alliance News) - Critical Mineral Resources PLC on Thursday said it completed its sale of its Cyprus assets to PM Plutonic Metals Ltd and Indo-European Mining PR Ltd.
Critical Mineral Resources shares jumped 57% to 4.51 pence each on Thursday morning in London.
The exploration and development company is focused on clean energy commodities and has a project in Morocco.
It completed the USD528,001 sale in Cyprus on Wednesday, having originally been planned for completion on June 31.
Meanwhile, major shareholder Jason Cropper bought all 4.3 million CRM shares that Indo-European Mining PR had owned. This increases Cropper's shareholding to 12.0 million shares, which equates to voting rights in CRM of 23.8%, up from 15.5%. The share purchase is worth GBP193,930 at the current market price.
Executive Chair Chris Lambert said: "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."
Critical Minerals Resources is focused on larger upstream development opportunities.
By Tom Budszus, Alliance News reporter
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Critical Min (CMRS)