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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Citius Resources Plc | CRES | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 3.00 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 3.00 | 3.00 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Top Posts |
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Posted at 31/10/2024 13:31 by hedgehog 100 15/10/2024 11:03 RNS Regulatory News Citius Resources PLC Annual Financial Report LSE:CRES Citius Resources PlcAnnual Report and Financial Statements for the year ended 30 April 2024 The Board of Citius Resources Plc if leased to announce its annual report and audited financial results for the year ended 30 April 2024. The annual report, Notice of Annual General Meeting & Proxy form will be posted to shareholders and available at the Company's website ... Chairman Statement Dear Shareholders, I am pleased to present the final report and accounts for the twelve-month period to 30 April 2024 for Citius Resources Plc. The Company announced during the period a binding Heads of Terms for the acquisition of 100% of the issued shares in Harena Resources Pty Ltd ("Harena") the 75% owner of the Ampasindava Rare Earths Project in Madagascar (the, "Acquisition"). Harena is an Australian domiciled company preparing to develop the 75% owned Ampasindava Rare Earths Project, which will include the mining and processing of Ionic Clay material to extract Rare Earth elements to produce Mixed Rare Earth Carbonate or Mixed Rare Earth Concentrate. The Acquisition will constitute a Reverse Take Over under the Listing Rules and accordingly, the company will apply for re-admission of its shares to the Official List and Main Market of the London Stock Exchange following an Extraordinary General Meeting. I would like to thank all our shareholders for their patience in what can only be described as challenging market conditions. We look forward to finally applying for re-admission and moving the Ampasindava Rare Earths project forward. Winton Willesee Non-Executive Chairman 15 October 2024 Strategic Report for the year ended 30 April 2024 The Directors present the Strategic Report of Citius Resources Plc for the year ended 30 April 2024. Business of the Company The Company was incorporated on 15 April 2020 as a private company with limited liability under the laws of England and Wales under the Companies Act 2006 with registered number 12557958. The Company was formed to undertake an acquisition of a target company or business. On 9 June 2022 the Company announced that it has entered into a binding Heads of Terms with regard to the possible acquisition of 100% of the share capital of AUC Mining (U) Limited ("AUC"). This agreement was terminated in October 2023. On 26 October 2023 the Company announced that it has entered into a binding Head of Terms with regards to the possible acquisition of 100% of the shares in Harena Resources Pty Ltd ("Harena"), the 75% owner of the Ampasindava Rare Earth Project in Madagascar. ... Results for the year and distributions The results are set out in the Statements of Comprehensive Income on page 21. The total comprehensive loss attributable to the equity holders of the Company for the year was £392,022 (2023: £444,287). The Company paid no distribution or dividends during the year. ... Position of Company's Business As at 30 April 2024 the Company's statement of Financial Position shows net liabilities totalling of £99,145 (2023: net assets of £292,877). Although The Company has a positive cash position at the report date, the liabilities are greater than the assets. ... Going Concern The Directors have reviewed the Company's ongoing activities, including its future intentions in respect of acquisitions. Having regard to the Company's existing working capital position and the expected capital to be raised at the time of the acquisition, the Directors are of the opinion that the Company has adequate resources to enable it to continue in existence for a period of at least 12 months from the date of these financial statements. If the acquisition was to be delayed or not to take place, the Directors believe that further capital can be raised during the year. ... 2.3 Going concern The Company's business activities, together with the factors likely to affect its future development, performance and positions are set out in the Strategic Report on page 3. The Company is an investment company, and currently has no income stream until a suitable acquisition is completed. It is therefore dependent on its cash reserves to fund ongoing costs. At the reporting date the company had cash reserves of £33,971 and current liabilities of £141,636. The Directors have reviewed the Company's ongoing activities including its future intentions in respect of acquisitions. At the date of approval of these financial statements the proposed transaction to acquire 75% of the Ampasindava Rare Earths Project in Madagascar has not completed. If the proposed RTO transaction does complete further working capital will be required in order to fund the operations of the enlarged group and, once the proposed transaction has completed, to bring the acquired mining project into production. The Directors expect such funding to be raised on completion of the proposed RTO transaction. At the date of approval of these financial statements the completion of the proposed RTO transaction, and the availability of additional capital, are not guaranteed and this represents a material uncertainty in relation to the Company's funding arrangements. The Directors have also considered a severe but plausible downside scenario in which the proposed RTO transaction does not complete. In that scenario the Directors would require further working capital in order to fund the Company's operating costs as it continues to seek a suitable acquisition, or or take other action which could include winding up the Company. The Directors believe that, in the event that the proposed RTO transaction does not complete, additional capital could be raised to enable the Company to continue in existence for a period of at least 12 months at the date of approval of these financial statements. However, the availability of additional capital in these circumstances is not guaranteed. This represents a further material uncertainty in relation to the Company's funding arrangements and, in these circumstances, may result in the Company not being a going concern. The financial statements do not reflect any adjustments if the Company is unable to raise further capital and is not able to continue operations. ... |
Posted at 12/6/2024 14:58 by hedgehog 100 Navan,As CRES is main-listed, rather than AIM-listed, the AIM time limit of six months maximum for a share trading suspension before being delisted doesn't apply here, and there is no such time limit: so a main-listed share can remain suspended indefinitely, without being delisted. Similarly, the AIM time limit of 6 months to complete a RTO before being suspended doesn't apply here. And as far as I'm aware, there is no RTO deadline for CRES. My understanding is that the following SPAC requirement doesn't apply to CRES, as it floated before the deadline for this requirement to apply:- "A time limit of two years in which to complete an acquisition, which can be increased to three years if the shareholders agree." Certainly I can see no reference to this deadline in CRES's prospectus, including its articles of association, where such a requirement would certainly be mentioned if it existed. This prospectus can be viewed via CRES's website:- |
Posted at 01/5/2024 11:26 by hedgehog 100 Navan,I would hope that we will be receiving an update on the proposed Harena Resources RTO imminently, which will hopefully be positive. Lodging the prospectus was a major milestone, and fortunately CRES just met the submission deadline of 4p.m. 1.12.23 to avoid the new main market £30M. minimum market cap. rules: which means that no move to AIM will be required for a RTO of less than this. The last major hurdle is the raising of funds to accompany the RTO, which is probably what the company has been trying to arrange: perhaps something like c. £2M. I would think. Although it's a bad market for fundraising, rare earth metals is still seen as an attractive area: Aquis stock Marula Mining (MARU) has risen from 2.4p on 27.12.22 to 8.375p today:- And Cameron Pearce's BRES (Blencowe Resources) RTO has been performing well recently. East Star Resources (EST), another RTO, has also performed well recently, more than doubling in April from 1.5p to 3.75p. So I'm quietly confident that the funds will be forthcoming, and that this RTO will proceed, for what could potentially be an extremely well-performing growth opportunity. Marula Mining (MARU):- |
Posted at 04/12/2023 08:50 by hedgehog 100 01/12/2023 09:01 UK Regulatory (RNS & others) Citius Resources PLC Lodgement of Prospectus LSE:CRES Citius Resources PlcThe Company is pleased to announce that it has lodged a Prospectus for the proposed transaction with Harena Resources Pty Ltd ("Harena"), the 75% owner of the Ampasindava Rare Earths Project in Madagascar ("Proposed Transaction"), to the FCA for the purposes of granting eligibility for the readmission of the enlarged company to the Official List by the FCA and the London Stock Exchange ("Readmission"). The Proposed Transaction is conditional on a number of conditions including; i) satisfactory due diligence ii) entering into definitive legal agreements iii) raising further funds for the Proposed Transaction; iv) approval by shareholders at a General Meeting to be convened; v) obtaining all necessary approvals (if required) and; vi) granting of eligibility for the readmission of the Company to the Official List by the FCA. There can be no certainty that the Proposed Transaction will take place and the Company will continue to update shareholders in due course once a firm timeline to Readmission. Cameron Pearce Commented: "We have now lodged the prospectus and subject to the eligibility process we are targeting to list the enlarged company in Q1 2024. We look forward to working with the Harena team to finalise the transaction and will keep the shareholders appraised on the definitive timetable." Cameron Pearce Tel: +44 (0)1624 681 250 info@citiusresources Tavira Financial Limited - Financial Adviser and Broker Jonathan Evans Telephone: +44 (0)20 3192 1733 |
Posted at 23/11/2023 12:56 by hedgehog 100 10/11/2023 10:00 UK Regulatory (RNS & others) Citius Resources PLC Half-year Report LSE:CRES Citius Resources Plc... Interim Management Report Dear shareholder, I am pleased to present the interim report and accounts for the six-month period to 31 October 2023 for Citius Resources Plc. The Company was pleased to announce during the period that we have entered into a binding Heads of Terms for the acquisition of 100% of the issued shares in Harena Resources Pty Ltd ("Harena") the 75% owner of the Ampasindava Rare Earths Project in Madagascar (the, "Acquisition"). Harena is an Australian domiciled company preparing to develop the 75% owned Ampasindava Rare Earths Project, which will include the mining and processing of Ionic Clay material to extract Rare Earth elements to produce Mixed Rare Earth Carbonate or Mixed Rare Earth Concentrate. Harena is what can be described as Reverse Take Over ("RTO") advanced stages therefore the Company is well positioned to complete the Acquisition in this next reporting period which would constitute a RTO under the Listing Rules and accordingly, the company would apply for re-admission of its shares to the Official List and Main Market of the London Stock Exchange. I would like to thank the board and our advisors for their dedication and professionalism in what can only be described as challenging market conditions and we look forward to applying for re-admission and moving the exciting Ampasindava Rare Earths project forward. Cameron Pearce Chief Executive Officer ... 6. Impairment of the loan On 9 June 2022 the Company announced that it has entered into a binding Heads of Terms with regard to the possible acquisition of 100% of the share capital of AUC Mining (U) Limited ("AUC"). As part of the Heads of Terms, the Company loaned AUC GBP249,341. On 26 October 2023, the Company agreed to terminate the agreement with AUC for the acquisition of the Kamalenge project, and therefore, the loan was impaired to Nil. ... |
Posted at 26/10/2023 16:06 by hedgehog 100 26/10/2023 09:07 UK Regulatory (RNS & others) Citius Resources PLC Project Update LSE:CRES Citius Resources PlcCitius Resources Plc (LSE: CRES), the London listed natural resources investment company is pleased to announce that it has entered into a binding Heads of Terms for the acquisition of 100% of the issued shares in Harena Resources Pty Ltd ("Harena") the 75% owner of the Ampasindava Rare Earths Project in Madagascar (the, "Acquisition"). Harena is an Australian domiciled company preparing to develop the 75% owned Ampasindava Rare Earths Project, which will include the mining and processing of Ionic Clay material to extract Rare Earth elements to produce Mixed Rare Earth Carbonate or Mixed Rare Earth Concentrate. Citius has agreed to terminate its previous agreement with AUC Mining (U) Limited for the acquisition of the Kamalenge Gold Project in the Mubende Gold District, Uganda with immediate effect. The Company will remain suspended pending the publication of a prospectus providing further details on Harena and the Company as enlarged by the Acquisition, or an announcement that the Acquisition or Reverse Take Over ("RTO") is not proceeding. Should the Acquisition complete, it would constitute an RTO under the Listing Rules and accordingly, the Company would apply for the re-admission of its shares to the Official List and the Main Market of the London Stock Exchange. Cameron Pearce, Citius Director commented: "The Citius board looks forward to keeping shareholders informed of further developments in what we believe is a compelling Acquisition in an exciting commodity space, as the global move towards decarbonisation gathers pace. Citius will be working closely with Harena, which is already in an advanced RTO ready stage, to complete the due diligence and prospectus for the relisting of the company as soon as practicable." ... |
Posted at 15/9/2023 15:55 by hedgehog 100 15/09/2023 10:30 UK Regulatory (RNS & others) Citius Resources PLC Result of AGM LSE:CRES Citius Resources PlcCitius Resources Plc ("Citius Resources") (LSE: CRES) is pleased to announce that at the Company's Annual General Meeting held earlier today, all resolutions were duly passed. Ends Enquiries: Citius Resources Plc Tavira Securities Limited Cameron Pearce (Director) Jonathan Evans www.Citiusresources. Tel: +44 (0)1624 681 250 jonathan.evans@tavir info@citiusresources Shard Capital Partners Damon Heath Tel: +44 (0)20 7186 9927 damon.heath@shardcap |
Posted at 04/12/2022 12:58 by hedgehog 100 29/11/2022 10:31 UKREG Citius Resources PLC Half-year ReportInterim Financial Statements for the six month period ended 31 October 2022 The Company is pleased to announce its Interim Results for the six-month period to 31 October 2022. ... Interim Management Report Dear shareholder, I am pleased to present the interim report and accounts for the six-month period to 31 October 2022 for Citius Resources Plc. The Company was formed for the purpose of acquiring a natural resources asset, in June 2022 the Company agreed terms with the vendors of AUC Mining (U) Limited the holder of the Kamalenge Gold Project (the "Acquisition") which is in the Mubende Gold District in Uganda. The Company is now well progressed in its due diligence and is nearing completion of the transaction. The Kamalenge Gold Project is a highly exciting project given the exploration work to date and indications that it may host a high-grade gold project with the potential for near term production. The Company is now well positioned to complete the Acquisition which would constitute a Reverse Take Over under the Listing Rules and accordingly, the company would apply for re-admission of its shares to the Official List and the Main Market of the London Stock Exchange. I would like to thank the board and advisory team for all their hard work over the past six months and we look forward to further updating shareholders and the market in due course. Cameron Pearce ... |
Posted at 29/5/2022 11:55 by hedgehog 100 CRES IPOed last summer, at 4p per share -25/08/2021 07:00 UK Regulatory (RNS & others) Citius Resources PLC Admission and First Day of Dealings LSE:CRES Citius Resources Plc "Citius Resources Plc, an investment company seeking to acquire a company or project in precious and/or base metals, is pleased to announce the admission of its entire issued share capital, being 43,250,000 ordinary shares of GBP0.005 each ("Ordinary Shares"), to the Official List (by way of a Standard Listing under Chapter 14 of the Listing Rules) and to trading on the London Stock Exchange's Main Market for listed securities (the "Admission"). The Company has raised a total of GBP1,120,000 since incorporation including GBP560,000 through a placing of 14,000,000 Ordinary Shares at 4p ("IPO Placing") by Brandon Hill Capital, broker to the Company. Cameron Pearce, Chief Executive Officer commented: "The Board of Citius and its advisory team comprise a knowledgeable and experienced group of professionals with the relevant skills and expertise to successfully source, structure and complete acquisitions in the mining sector to deliver upon our strategy to return substantial value to investors. As such we are pleased to be listing upon the Official list of the main market and will provide the market with updates in due course, as we begin to review investment opportunities." ..." CRES's CEO Cameron Pearce was also the head of shell company BRES (Blencowe Resources), which also IPOed at 4p/share. And he arranged the RTO into BRES of the Orom-Cross Graphite Project, priced at 6p/share, with a placing at the same price, compared to the pre-existing BRES share price of 4.5p - 28/04/2020 16:45 Alliance News Blencowe Resources Shares Skyrocket As Graphite Project Deal Sealed LSE:BRES Blencowe Resources Plc 28/04/2020 07:00 UK Regulatory (RNS & others) Blencowe Resources PLC Acquisition of the Orom-Cross Graphite Project LSE:BRES Blencowe Resources Plc BRES then closed on 28th. April 2020 at 8p/share, and within a month had reached nearly 9p. Potentially this BRES RTO could set a rough 'template' for CRES: as it's the same boss, the same IPO prices, the same target sector, and even the tickers (BRES & CRES) are very similar. |
Posted at 29/5/2022 09:39 by hedgehog 100 Poor stock market conditions tend to make it harder to IPO, increasing the attractions of the RTO route, and increasing the bargaining power of shells like CRES.And meanwhile, the valuations of RTO targets for shells tend to be depressed. So ironically, the s.p.s of shells like CRES can become depressed at the same time as they are in effect becoming more valuable: more capable of cutting a cracking RTO deal on great terms - i.e. a better shell valuation and lower target valuation, and great quality targets. Which makes a shell like CRES - at a reasonable valuation re. its cash and with great deal prospects - a great place to 'park funds' at the moment. Many investors may wish to reduce their exposure to shares in companies with trading businesses, but holding cash for months doesn't give any real direct upside - certainly in the short term. CRES though has both some underpinning, and great potential upside - it could easily multibag from this level on a good deal. And you don't have to worry about funds being tied up here for a while if you won't be using them anyway. |
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