Business
Completion of Cyprus Assets Sale
Completion of Cyprus Assets Sale.
About this update from Critical Mineral Resources Plc
[{"type":"text","content":"\n\n14 September 2023\nCritical Mineral Resources PLC\n('CMR' or the 'Company')\nCompletion of Cyprus Assets Sale\nCritical Mineral Resources plc (LON:CMRS), the exploration and development company focused on clean energy commodities, is pleased to announce the completion of the Cyprus Asset Sale to PM Ploutonic Metals Ltd ('Ploutonic') and Indo-European Mining PR Ltd ('Indo'). This follows CMR's previously announced strategic decision to shift focus from its Cyprus assets to building a diversified portfolio of high-quality critical metals exploration and development projects in Morocco.\n \nBackground\nCritical Mineral Resources plc signed the original share purchase agreement (the 'Original SPA') with Ploutonic and Indo (the 'Purchasers') on 25 January 2023. The Purchasers agreed to pay the Company US$528,001 ('Purchase Price') in cash, as staged payments over the course of H1 2023.\n \nThe Purchasers paid the First Purchase Payment of US$100,000 on 17 February 2023, which triggered the transaction Closing. However, the Final Purchase Payment of US$428,000 and, therefore, Completion was delayed due to market conditions.\n \nAmended Share Purchase Agreement\nCMR and the Purchasers signed an Amendment Agreement whereby the SPA was amended to allow the US$428,000 owed (not including interest) to be split into two payments, the Third Payment and the Final Payment, and for Completion to occur once the Third Payment had been received.\n \nCompletion\nThe Third Payment of £169,639 (US$213,750) has now been received and in accordance with the Amended SPA, Completion occurred on 13 September 2023. The shares in CMR's Cyprus companies are now being transferred to the Purchasers.\n \nFinal Payment in December\nThe Final Payment of US$214,250 plus interest is due on 22 December 2023 (Final Payment Date). The interest is calculated at 8% on any outstanding amounts from 12 May to Completion (13 September) and from Completion to the Final Payment Date. \n \nChris Lambert, Executive Chairman of CMR PLC, commented:\n\"This announcement marks an important transition in CMR's development. The Completion of the sale of Cyprus Assets enables the Company to ensure its focus is wholly centred on maximising value from the exciting opportunities it is generating in Morocco.\" \n \n \n ...