LONDON, UK: Critical Metals introduced the company’s elevated curiosity within the Molulu ex-producing copper cobalt mine within the DRC.
Critical Metals, which not directly beneficially owns c.40% of the Molulu Project has, through its wholly owned subsidiary, Critical Metals Mauritius Limited, entered into an settlement to acquire an additional 21.5% in Madini Occidental Ltd which not directly owns 70% of the Molulu Project.
This will increase the beneficial possession and voting management of Critical Mauritius of Madini Occidental Ltd (MO) from 57% to 78.5%, a rise of 37.7%, and not directly will increase possession of the Molulu Project from 40% to 55%. It is the Company’s intention to extend its oblique beneficial possession to 70%.
The shares in Madini Occidental are being acquired from the Company’s Chairman and Chief Executive Officer, Russell Fryer, and therefore it’s a associated party transaction for the needs of DTR 7.3.3.
The consideration for the Share Acquisition is £450,000 in money paid on completion and a additional £200,000 on or earlier than 1 October 2023, to be paid in Critical Metals PLC shares at a price equal to the ten day quantity weighted common or cash, on the Company’s election. The Share Acquisition is topic to the approval of the MO board which is anticipated to happen subsequent week.
Critical Metals, through its wholly-owned subsidiary Critical Metals Mauritius, has on 14 December 2022, additionally offered to buy the balance of 21.5% in MO held by Madini Minerals on the identical phrases as Mr. Fryer, and has till 5pm on 23 December 2022 to settle for or decline the offer.
Should the offer be accepted by Madini Minerals Ltd, the Company will present an replace on the completion of the Shareholder Acquisition and the potential buy of shares in MO from Madini Minerals in due course.
The Company will fund the money element of the consideration via the existing money resources within the Company, augmented by the proceeds of the fund raise introduced today.