Caerus Mineral Resources plc has signed the share purchase agreement (SPA) for the sale of its copper-gold subsidiaries in Cyprus.
TERMS
The transaction includes payment in cash from purchasers PM Ploutonic Metals Ltd and Indo-European Mining PR Ltd to Caerus of US$528,001 in stages.
Closing of the deal will occur once Caerus has received the first payment of $100,000 expected on 30 January 2023, with completion on 31 June 2023.
Should the purchasers produce a new JORC or NI 43-101 compliant mineral resources estimate at the Troulli project, demonstrating 7.75 million tonnes or more at a 0.5% copper equivalent cut-off grade or higher, they will pay Caerus an additional $432,000 in cash.
Ploutonic and Indo are Caerus shareholders currently owning 1.3 and 8.39% respectively.
The beneficial owner of Ploutonic is Andrew Daniels, a previous non-executive director of Caerus and the beneficial owner of Indo is Pierre Richard.
SAUDI ARABIA
Caerus said it was now wholly focused on acquiring larger upstream development opportunities in the “battery metals” sector, aligned to its strategic partnership with EV Metals Group (EVM).
EVM holds approximately 16.34% of the voting rights of Caerus.
Caerus has already signed an exclusive option agreement to acquire EVM’s 90%-owned metals and minerals subsidiary in Saudi Arabia.
“With the recently announced exclusive RIWAQ option agreement with EVM and several other potential projects under review, Caerus is transitioning from a single project company to becoming part of the upstream supply chain for critical minerals in the UK and Europe,” added chairman Chris Lambert.