Last checked at 26 Jan 2023 07:30
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
Charles Long, Chief Executive Officer | info@caerusmineralresources.com
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Novum Securities
Jon Belliss | +44 (0) 20 7399 9425 |