Business
Acquisition
Acquisition.
About this update from Critical Metals Plc
[{"type":"text","content":"\n \n \n \n This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).\n \n \n \n \n \n \n Critical Metals plc / EPIC: CRTM / Market: Main Market\n \n \n \n \n \n \n \n \n \n \n \n 15 December 2022\n \n \n \n \n \n \n Critical Metals plc\n \n \n \n \n \n \n \n (\"Critical Metals\" or the \"Company\") \n \n \n \n \n \n \n Acquisition of Additional 21.5% in Madini Occidental Ltd\n \n \n \n \n \n \n \n \n \n £1.3 million Fundraise\n \n \n \n \n \n \n Critical Metals plc, 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\"), is pleased to announce the Company's increased interest in the Molulu ex-producing copper cobalt mine (\"Molulu Project\") in the DRC.\n \n \n \n \n \n \n \n \n HIGHLIGHTS\n \n \n \n \n \n \n \n \n ·\n Critical Metals to become majority owner of the Molulu Project, ex-producing copper/cobalt mine in the DRC\n \n \n ·\n Supplementary offer made to acquire 70% control of the Molulu Project, with news expected shortly\n \n \n ·\n Acquisition of majority and, potentially thereafter, 70% control of Molulu, funded via £1.3million placing of new shares\n \n \n ·\n New share issue price equivalent to 30-day volume weighed average price (\"VWAP\") of the Company's shares and a discount of 13% to closing price on 14 December 2022\n \n \n \n \n \n \n \n \n Critical Metals, which indirectly beneficially owns c.40% of the Molulu Project has, through its wholly owned subsidiary, Critical Metals Mauritius Limited (\"Critical Mauritius\"), entered into an agreement to acquire an additional 21.5% in Madini Occidental Ltd which indirectly owns 70% of the Molulu Project (\"Share Acquisition\"). This increases the beneficial ownership and voting control of Critical Mauritius of Madini Occidental Ltd (\"MO\") from 57% to 78.5%, an increase of 37.7%, and indirectly increases ownership of the Molulu Project from 40% to 55%. It is the Company's intention to increase its indirect beneficial ownership to 70%.\n \n \n \n \n...