Critical
Metals plc / EPIC: CRTM / Market: Main Market
28 March 2024
Critical Metals
Plc
("Critical Metals" or the "Company")
Warrant Extension and Revised
Exercise Price
Critical Metals plc, a mining
investment company established to acquire mining opportunities in
the critical and strategic metals sector, announces that the
Company intends to extend the exercise period of a total of
15,571,428 warrants and reprice the £0.40 warrants.
Rational
The Board has made the strategic
decision to reprice and extend the maturity the 40 pence warrants
in order to have greater confidence in the timing of the conversion
of the warrants. Furthermore, the dilution effect is already known
to the market, resulting in no additional change to the fully
diluted shares outstanding.
Extension of Warrants
The Company announces its intention
to extend the exercise period of all outstanding warrants along
with the exercise repricing of certain warrants as
follows:
- a
total of 9,000,000 warrants, which are exercisable on or before
the 31 March 2024 at 40 pence per share ("RTO Warrants") to be extended to 31
March 2025 and exercise price adjusted to 10 pence per share,
noting director Russell Fryer holds 25,000 of these
warrants;
- a
total of 400,000 warrants which are exercisable on or before 31
March 2023 at 10 pence per share ("10p Warrants") to be extended to 31
March 2025, noting director Russell Fryer holds 400,000 of these
warrants;
- a
total of 1,771,428 warrants which are exercisable on or before 31
March 2023 at 5 pence per share ("5p Warrants") to be extended to 31
March 2025, noting director Russell Fryer holds 571,428 of these
warrants and director Marcus Edwards-Jones holds 200,000 of these
warrants and former director Anthony Eastman holds 1,000,000 of
these warrants
- A
total of 2,400,000 warrants exercisable on or before 31 May 2024 at
40 pence per share ("May 2023
Warrants") to be extended to 31 March 2025 and exercise
price adjusted to 10 pence per share noting director Russell Fryer
holds 40,000 of these warrants; and
- A
total of 2,000,000 warrants exercisable on or before 15 September
2024 at 40 pence per share ("Loan
Funding Warrants") to be extended to 31 March 2025 and
exercise price adjusted to 10 pence per share.
These RTO Warrants were granted at
the time of re-admission of the Company's Ordinary Shares to the
standard segment of the Official List and to trading on the main
market for listed securities of the London Stock Exchange
plc on 12 September 2022 and extended in September 2023,
whilst the 10p Warrants and 5p Warrants were granted at the time of
re-admission of the Company's Ordinary Shares to the standard
segment of the Official List and to trading on the main market for
listed securities of the London Stock Exchange
plc on 29 September 2020 and extended in March 2023,
September 2023 and January 2024. The May 2023 Warrants were issued
as part of the May 2023 fundraise whilst the Loan Funding Warrants
were issued as part of the loan funding received in September
2023.
All other terms and conditions of
the Warrants remain unchanged. The extensions of the RTO
Warrants, 10p Warrants, 5p Warrants and May 2023 Warrants are
related party transactions for the purposes of DTR 7.3.3 as one or
more directors is interested in each of these classes of
warrants.
**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
|
|
St Brides
Partners Ltd
Financial
PR
Ana Ribeiro/Isabelle Morris
|
Tel: +44 (0)20 7236 1177
|
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 asset
in the Katangan Copperbelt in the Democratic Republic of
Congo.
The Company will continue to
identify future assets that are in line with its stated acquisition
objective of low CAPEX and OPEX brown-field projects with near-term
production and cash-flow, whilst concentrating on minerals that
have strategic importance to future economic growth thereby
generating significant value for shareholders.