Last checked at 16 Jun 2021 07:00
16 June 2021
Caerus Mineral Resources PLC
('CMRS' or the 'Company')
Award of Warrants
Caerus Mineral Resources, the Cyprus-focused exploration and resource development company intent on developing mineral resources in Europe to supply the global "Clean Energy" drive, announces an award of Warrants to the Company's Chief Executive Officer, Martyn Churchouse and to Consultants for Professional Services.
The Board of Directors recognises that the recent success and advancement of the Company is attributable principally to the energy and skills of the Chief Executive Officer, Martyn Churchouse in securing the Option Agreement with Jubilee Metals Group and jointly negotiating key acquisitions. Consequently, the Remuneration Committee has agreed to award Mr. Churchouse in a manner that conserves working capital for project development and is aligned with the interests of shareholders.
Accordingly, the Board has agreed that Warrants over a total of 2,000,000 new Ordinary shares of 1p each in the capital of the Company (the "Performance Warrants") be awarded to Mr. Churchouse. The Warrants will have a 2-year life from Admission. The exercise price will be 25p per Performance Warrant, being a 150% premium to the "Placing Price" of shares issued at Admission.
In addition, the Board has agreed to issue "Introduction Warrants" over a total of 441,174 shares of 1p each in the capital of the company to certain professional advisers for services in connection with recent value-adding acquisitions. The exercise price will be 17p per Warrant, being the closing price on the trading day prior to announcement of the Option Agreement with Jubilee Metals Group. The Warrants will have a 2-year life from Admission.
Professor Mike Johnson, Chairman of the Remuneration Committee and an Independent Director, having consulted with the company broker Novum Securities, considers that the terms of the issue of Warrants are fair and reasonable insofar as the Company's shareholders are concerned.
For further information, please visit www.caerusmineralresources.com or contact:
Caerus Mineral Resources plc: | |
Martyn Churchouse Chief Executive Officer | info@caerusmineralresources.com +44 (0)1249 782162 |
Novum Securities | |
Jon Belliss | +44 (0) 20 7399 9425 |
Follow us on Twitter at @CaerusMineral
About Caerus Mineral Resources
Caerus Mineral Resources is a copper - gold resource development and exploration company with mineral exploration licences located in Cyprus, a member of the European Union that operates to English common law. The Country has a well-developed infrastructure and a climate conducive to year-round exploration.
With investors recognising copper as one of the cornerstone metals for the Clean Energy Transition centred upon the Electric Vehicle and Stationary Energy sectors, Caerus is working to rapidly expand its copper exploration and production objectives. The Caerus licence portfolio includes 16 former mines which operated with an average head grade of approximately 2% copper equivalent.
Caerus' licence portfolio comprises brownfield sites where historic mining has taken place and greenfield licences where there has been no systematic exploration. The Brownfield sites and the former high-grade copper - gold mines they host are evidence of rock types and structures conducive to Volcanogenic Massive Sulphide ("VMS") mineralisation. As VMS deposits characteristically occur in camps or clusters, it is the Company's view that its licences are prospective for both extensions to existing or mined-out orebodies together with new discoveries.
The combination of brown and greenfield exploration provides optionality and the opportunity for the Company to quickly build a resource portfolio that can be commercially developed.
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.