TIDMCRTM
RNS Number : 6808M
Critical Metals PLC
18 September 2023
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as
it forms part of UK Domestic Law by virtue of the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement,
this inside information is now considered to be in the public
domain.
Critical Metals plc / EPIC: CRTM / Market: Main Market
18 September 2023
Critical Metals plc
("Critical Metals" or the "Company")
Non-dilutive Finance Facility
Critical Metals, a mining company established to acquire mining
opportunities in the critical and strategic metals sector and
currently developing an ex-producing copper cobalt mine in the
Democratic Republic of Congo ("DRC"), announces it has signed a
US$3 million non-dilutive debt facility with an international
financial institution (the "Facility"). The funds from the Facility
will help the Company to accelerate its mining operations, increase
production volumes whilst continuing negotiations with future
buyers of copper ore.
Finance Terms
The debt term is for 9 months from the date of execution of the
agreement for the first US$500,000 instalment, with a committed
further tranche of US$500,000 available at the Company's election
following the satisfaction of the funding conditions (being
committed sales for the existing stockpiles). The Company also has
the ability to request further funds are available up to the
maximum utilisation of US$3 million.
The Company will pay interest only on the borrowed funds.
The key funding terms are:
- 15% fixed coupon for the term
- The second tranche is available for 150 days after the first tranche
- Repayable at any time at the election of the Company
- Personal guarantee from Russell Fryer by way of the pledge of
his ordinary shares in the Company (further detailed below)
- Grant of 2,000,000 warrants over ordinary shares in the Company (further detailed below)
- Contains customary covenants and events of default for such project related finance
The Board of Critical Metals is keen to emphasize that the
Facility is not convertible into ordinary shares in the
Company.
As surety on the Facility, the Company's CEO, Russell Fryer,
will provide a personal guarantee for the Facility via an equity
pledge of his current shareholding in the Company representing two
times the value of the capital borrowed. Mr Fryer remains the
beneficial owners of the ordinary shares, subject to the equity
pledge, and retain full voting rights.
Warrants
Upon execution of the Facility, the Company will also issue
Warrants for the international financial institution to subscribe
for up to 2,000,000 ordinary shares in the Company exercisable at
40p with an expiry of 12-months.
Use of Funds
The funds add to the balance sheet strength, allowing the
company to accelerate mining capacity, add an additional diamond
drilling rig, complete due diligence on copper and cobalt
processing plants, and to expedite value accretive deals that
maximise full value out of the copper ore.
Critical Metals CEO, Russell Fryer, said: "We are at a pivotal
stage of the Company's development as we look to accelerate growth
by optimising operations, whilst looking at other opportunities to
maximise shareholder value. The splitting of the first tranche and
the second tranche provides capital optionality for the Company,
and such flexibility is a huge positive for the Company. As the
largest shareholder I have made a personal commitment to all
shareholders to keep dilution down to a minimum and I have backed
this through the pledging of my shares to avoid dilutive equity
placements. The loan provides the Company with the necessary funds
to accelerate growth. I look forward to updating the market on our
progress soon."
**ENDS**
For further information on the Company please visit
www.criticalmetals.co.uk or contact:
Critical Metals plc
Russell Fryer, CEO Tel: +44 (0)20 7236 1177
Peterhouse Capital Limited
Corporate Broker
Lucy William / Duncan Vasey Tel: +44 (0)20 7469 0936 / +44
(0)20 7220 9797
---------------------------------
St Brides Partners Ltd
Financial PR
Catherine Leftley /Ana Ribeiro/Isabelle Tel: +44 (0)20 7236 1177
Morris
---------------------------------
About Critical Metals
Critical Metals PLC has acquired a controlling 100% stake in
Madini Occidental Limited, which holds an indirect 70% interest in
the Molulu copper/cobalt project, an ex-producing medium-scale
asset in the Katangan Copperbelt in the Democratic Republic of
Congo. In line with its investment strategy of focusing primarily
on known deposits, targeting projects with low entry costs and the
potential to generate short-term cash flow; the Company intends to
produce 120,000t/per annum of Copper Oxide Ore.
The Company will continue to identify future assets that are in
line with its stated acquisition objective of low CAPEX and OPEX
projects with near-term production, concentrating on minerals that
are perceived to have strategic importance to future economic
growth and generate significant value for shareholders.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Russell Fryer
--------------------------------------- ---------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------
a) Position/status Director of Critical Metals PLC
--------------------------------------- ---------------------------------------------
b) Initial notification Amendment
/Amendment
--------------------------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------------
a) Name CRITICAL METALS PLC
--------------------------------------- ---------------------------------------------
b) LEI 213800MU3B7CS88PY290
--------------------------------------- ---------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------------------
a) Description of the Ordinary Shares
financial instrument,
type of instrument
Identification code GB00BJVR6M63
b) Nature of the transaction Transfer of shares into escrow subject
to security
--------------------------------------- ---------------------------------------------
c) Price(s) and volume(s)
-------------------- --------------------
Price(s) Volume(s)
-------------------- --------------------
N/A 2,336,347
----------------------------------------------------------------- --------------------
d) Aggregated information
- Aggregated volume Single transaction
- Price N/A
e) Date of the transaction 18 September 2023
--------------------------------------- ---------------------------------------------
f) Place of the transaction London Stock Exchange
--------------------------------------- ---------------------------------------------
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END
MSCGPUQUBUPWURM
(END) Dow Jones Newswires
September 18, 2023 02:00 ET (06:00 GMT)
Critical Metals (LSE:CRTM)
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Critical Metals (LSE:CRTM)
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