TIDMCMRS
RNS Number : 3798M
Caerus Mineral Resources PLC
21 September 2021
21 September 2021
Caerus Mineral Resources PLC
('Caerus' or the 'Company')
Proposed Placing and Subscription
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF
AMERICA, CANADA, AUSTRALIA, NEW ZEALAND, THE REPUBLIC OF SOUTH
AFRICA OR JAPAN OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OF
SALES WOULD BE PROHIBITED BY APPLICABLE LAW. THIS ANNOUNCEMENT IS
NOT AN OFFER TO SELL OR A SOLICITATION TO BUY SECURITIES IN ANY
JURISDICTION, INCLUDING THE UNITED STATES OF AMERICA, CANADA,
AUSTRALIA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN.
NEITHER THIS ANNOUNCEMENT NOR ANYTHING CONTAINED HEREIN SHALL FORM
THE BASIS OF, OR BE RELIED UPON IN CONNECTION WITH, ANY OFFER OR
COMMITMENT WHATSOEVER IN ANY JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU AS IT FORMS PART OF THE LAW
OF ENGLAND AND WALES BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL)
ACT 2018. IN ADDITION, MARKET SOUNDINGS WERE TAKEN IN RESPECT OF
THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT
CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL
THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.
Caerus Mineral Resources plc ("Caerus Mineral Resources" or the
"Company") is pleased to announce a proposed Placing (the
"Placing") of up to 7.2M shares at a price of 20p per ordinary
share (the "Placing Price") to raise ca. GBP 1.44M. A parallel
Subscription of 300K shares to raise ca. GBP 60K has been completed
with a single subscriber under the same Terms and Conditions as the
Placing. For every 2 Placing and Subscription shares, a Warrant
("Warrant") will be issued, exercisable for two years from
completion at a price of 30p per new Ordinary Share.
Novum Securities Limited is acting as sole bookrunner, and t he
Placing is neither underwritten nor are the Placing Shares being
made available to the public.
At Admission, the core of the Company licence catalogue
comprised the Kalavasos, Mala and North Mathiatis projects for
which exploration expenditure was fully provisioned until
mid-2022.
Following Admission, the Company announced the acquisition of PR
Ploutonic Resources Limited (PRL) and GC (Gold Mines) Limited
(GCML) on 11 June 2021 and 28 June 2021, respectively, expanding
the total number of licences under ownership to 16. Further details
are given in the Company's RNS announcements on the aforementioned
dates and on the Company website.
The proceeds of the Placing will be used primarily to fund the
accelerated development towards the production of the 'flagship'
projects in the expanded portfolio of properties from the
acquisitions. Advancement of these properties will be coordinated
with Jubilee Metals Group and Bezant Resources plc in accordance
with Agreements announced in May 2021 and August 2021,
respectively.
Further Placing and Subscription Details
Upon completion of the Placing and Subscription, an application
will be made to the Financial Conduct Authority ("FCA") and the
London Stock Exchange for the 7,500,000 New Ordinary Shares, to be
admitted to the Official List and to trading on the London Stock
Exchange's Main Market for listed securities (the "Admission"). It
is expected that Admission will become effective and that dealings
in the New Ordinary Shares will commence at 8.00 a.m. on or around
05 October 2021.
Following the issue of the New Ordinary Shares, the Company's
total issued share capital will consist of 61,211,258 Ordinary
Shares with voting rights. The Company does not hold any Ordinary
Shares in Treasury and accordingly, there are no voting rights in
respect of any treasury shares.
Total Voting Rights On Admission, the above-mentioned figure of
61,211,258 Ordinary Shares may be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change to their interest in, Caerus Mineral Resources under the
Financial Conduct Authority's Disclosure Guidance and Transparency
Rules.
Commenting on the proposed placing and subscription, Martyn
Churchouse, Chief Executive Officer, said: "Our acquisition of PR
Ploutonic Resources and GC Gold Mines (Cyprus) Limited has created
exciting projects with considerable potential upside from
exploration success. This is reinforced by our impending Joint
Venture (JV) with Bezant Resources to develop our Troulli property.
We are confident that from our original portfolio at Admission, the
acquisitions made since then, and the JV, we have opportunities to
meet the criteria set by the Jubilee Metals Option Agreement as
well as progress towards commissioning a new and modern mine in
Cyprus. Supported by a strong financial position, we are pursuing
fieldwork programmes and feasibility studies immediately, and in
parallel".
For further information , please visit
www.caerusmineralresources.com or contact:
Caerus Mineral Resources plc:
Martyn Churchouse info@caerusmineralresources.com
Chief Executive Officer +44 (0)1249 782162
--------------------------------
Novum Securities
--------------------------------
Jon Bellis +44 (0) 20 7399 9425
--------------------------------
Follow us on Twitter at @CaerusMineral
About Caerus Mineral Resources
Caerus Mineral Resources is a European focused copper-gold
resource development and exploration company with a portfolio of
mineral exploration licences located in Cyprus. The Country has a
well-developed infrastructure and history of mineral exploration
and production, which has been dormant over the last 50 years and
provides significant undiscovered value.
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.
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
END
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