Critical Mineral Resources plc (CMR)’s cornerstone investor EV Metals Group plc (EVM) has sold its 16.3% holding, which has been bought by two of its directors.
KM SECURITIES
The shares sale occurred on the same date of 26 January as new investment vehicle KM Securities Pty Ltd purchased 10 million shares at a price of 3.75p per share in CMR for a 16.3% holding.
KM Securities is owned and co-founded by Russell Thomson and Michael Naylor.
Mr Thomson is a CMR non-executive director and finance director/chief financial officer of EVM, as stated on its website. Mr Naylor is also a NED of EVM.
In 2022 CMR, under its previous name of Caerus Mineral Resources, gave Mr Thomson 450,000 incentive share options.
KM Securities’ new 10m shares purchase in CMR results in Mr Thomson holding 5m ordinary shares in CMR, representing 8.2% of the company’s total ordinary shares and 9.9% of the total voting rights.
CMR said that, with 10,685,313 ordinary shares held in treasury, total voting rights calculations should be based on 50,525,945 shares.
A notification of major holdings shows that EVM previously held 19.79% and now holds no shares while KM Securities holds 19.79% after previously owning no shares in CMR. The transactions took place in Perth, Australia.
Chief executive Charlie Long today said: “I am delighted to welcome KM Securities to the register.
“It brings significant experience supporting and developing mineral companies focused on critical materials and clean energy commodities.
“We very much look forward to working together.”
EVM
With its headquarters in Australia and offices in the UK and Saudi Arabia, EVM aims to acquire metals projects in Europe.
In March 2021, EVM signed a strategic alliance with CMR, then known as Caerus, with copper-gold assets in Cyprus, and in 2022 agreed up to £625,000 in unsecured convertible loan notes.
In 2023, Caerus rejected EVM’s option to buy its subsidiary in Saudi Arabia in favour of acquisitions in Morocco and changed its name to CMR.