 It's still been possible for African mining sector companies to come to market, and raising good money at decent at a decent valuation, despite challenging market conditions:-
26/07/2024 07:00 RNS Regulatory News Rome Resources PLC Enlarged share capital admitted to trading on AIM LSE:RMR Rome Resources Plc
"Rome Resources Plc (AIM: RMR) is pleased to announce the completion of its acquisition of Rome Resources Ltd ("Rome Resources") ("Completion") and the admission of its enlarged share capital to trading on AIM effective from 8.00 a.m. on 26 July 2024 ("Admission") under the Company's new name "Rome Resources Plc", which has now become effective, and the TIDM code "RMR".
Allenby Capital Limited ("Allenby Capital") is acting as Nominated Adviser and Joint Broker to the Company alongside Oak Securities (a trading name of Merlin Partners LLP) who are acting as Joint Broker to the Company.
Admission Highlights
· Successful fundraise of approximately £4.0 million (before expenses) through the issue of 1,333,333,330 new ordinary shares with a nominal value of 0.1 pence each ("Ordinary Shares") at an issue price of 0.30 pence per new Ordinary Share (the "Issue Price").
· On Admission and based on the Issue Price, the Company will have a market capitalisation of approximately £14.6 million.
· Acquisition of Rome Resources:
o Exploration potential: Rome Resources has identified three prospective areas located in the Projects with high-grade tin in soil anomalies identified.
o Proximity to world class resource: Alphamin's Mpama North mine, located 8km away from the Projects, is reported by the Edison Group in 2023 as the world's highest-grade tin mine, producing 4 per cent. of the world's tin from analogous geology to the Projects.
o Exploration team: Rome Resources' exploration team discovered Alphamin's tin resources.
o Defined roadmap to resource definition: Immediate near-term drilling is anticipated to advance the Projects from the outset.
o The current global price of tin is 37 per cent. higher than the lowest price during the last 12 months: The demand for tin has been influenced by a number of factors including but not limited to: (i) the energy transition; (ii) disruptions to countries that have traditionally contributed to the global market share of tin production; and (iii) growth of the global artificial intelligence (AI) sector which is expected to contribute to an increase in demand in electronics and electrification. ..."
Rare Earth elements are essential for AI chip manufacturing, so the current AI boom is strongly fuelling their demand. |
24/01/2025 11:26 Alliance News Alliance NewsIN BRIEF: Citius Resources interim loss narrows; eyes reverse takeover LSE:CRES Citius Resources Plc
24/01/2025 07:00 RNS Regulatory News Citius Resources PLC Half-year Report LSE:CRES Citius Resources Plc
Interim Financial Statements
For the six month period ended 31 October 2024
The Company is pleased to announce its Interim Results for the six-month period to 31 October 2024.
For further information please contact
Citius Resources Plc
Cameron Pearce (Director)
www.Citiusresources.co.uk
Tel: +44 (0)1624 681 250
info@citiusresources.co.uk
Tavira Securities Limited
Jonathan Evans
Tel: +44(0)20 7330 1833
Jonathan.evans@tavirasecurities.com
Shard Capital Partners
Damon Health
Tel: +44(0)20 7186 9927
Damon.heath@shardcapital.com
Interim Management Report
Dear Shareholders,
I am pleased to present the interim accounts for the six-month period to 31 October 2024 for Citius Resources Plc. The Company is in the final stages with the UK Regulator of 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 includes targeting 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 and we look forward to finally applying for re-admission and moving the Ampasindava Rare Earths project forward.
Cameron Pearce
Chief Executive Officer ... |
15/10/2024 11:03 RNS Regulatory News Citius Resources PLC Annual Financial Report LSE:CRES Citius Resources Plc
Annual 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. ... |
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:- |
6 months since last announcement. What are they doing and what are the regulations like for for timing limits or will it simply get struck off at some point? |
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):- |
Anyone know what has happened to these guys? |
01/12/2023 09:01 UK Regulatory (RNS & others) Citius Resources PLC Lodgement of Prospectus LSE:CRES Citius Resources Plc
The 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.co.uk
Tavira Financial Limited - Financial Adviser and Broker
Jonathan Evans
Telephone: +44 (0)20 3192 1733 |
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. ... |
26/10/2023 09:07 UK Regulatory (RNS & others) Citius Resources PLC Project Update LSE:CRES Citius Resources Plc
Citius 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." ... |
15/09/2023 10:30 UK Regulatory (RNS & others) Citius Resources PLC Result of AGM LSE:CRES Citius Resources Plc
Citius 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.co.uk Tel: +44 (0)20 7330 1833
Tel: +44 (0)1624 681 250 jonathan.evans@tavirasecurities.com
info@citiusresources.co.uk
Shard Capital Partners
Damon Heath
Tel: +44 (0)20 7186 9927
damon.heath@shardcapital.com |
29/11/2022 10:31 UKREG Citius Resources PLC Half-year Report
Interim 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 ... |
The BRES share price has been performing well recently, with good newsflow, moving to over 7.5p today before closing at 6.72p.
This shows that good mining stocks can still perform well in challenging market conditions, and bodes well from CRES's proposed RTO. |
CRES shows the excellent gains that can be made from buying a reasonably-valued shell, with good deal prospects, and waiting patiently.
A likelihood of an immediate 50%+ gain if the RTO proceeds, which it should, and a discounted holding in what could be a very exciting and multibagging growth company.
And all it takes for investors is a little research, market timing, and a willingness to buy before the herd.
Though they can be illiquid, with micro market capitalisations, after a RTO the liquidity and markets caps. may be expected to increase markedly.
For those kicking themselves at missing out on the CRES shell opportunity, the stock market is merciful, as it always throws up fresh opportunities.
Two other very attractive shells with CRES-like potential, both with great cash underpinning, are these:-
Aura Renewable Acquisitions (ARA) 9.75p Market cap. £1.024M.
More Acquisitions (TMOR) 1.025p Market cap. £1.28M. |
Divmad,
I think CRES may look to raise about a couple of million pounds, as when BRES RTOed:-
28/04/2020 07:00 UK Regulatory (RNS & others) Blencowe Resources PLC Acquisition of the Orom-Cross Graphite Project LSE:BRES Blencowe Resources Plc
"Acquisition of the Orom-Cross Graphite Project
Completion of oversubscribed GBP2m fundraise at 6p per share
Fully-Funded 2020 Work Program to enable maiden JORC Resource ..." |
Interesting acquisition. Presumably there will be a hold period on the vended shares. And how much cash will be raised on re-admission, to progress the gold project. All will be revealed in the listing document. |
LSE % Gainers Top Lists
EPIC Name %
RGP Ross +13%
Today's top riser is only up 13%, which is a sign of bad market conditions.
So if CRES wasn't suspended today, I think that it should be top.
Though it probably will be at de-suspension, if the RTO goes ahead. |
09/06/2022 07:30 UK Regulatory (RNS & others) Official List Suspension - Citius Resources Plc LSE:CRES Citius Resources Plc
NOTICE OF TEMPORARY SUSPENSION OF LISTING FROM THE OFFICIAL LIST
09/06/2022 07:30
TEMPORARY SUSPENSION
Citius Resources Plc
The Financial Conduct Authority ("the FCA") temporarily suspends the securities set out below from the Official List effective from 09/06/2022 07:30 at the request of the company: ...
09/06/2022 07:40 UK Regulatory (RNS & others) Citius Resources PLC Statement re. Suspension LSE:CRES Citius Resources Plc
Proposed Transaction and Suspension of Listing
Citius Resources plc (the "Company" or "Citius"), an investment company listed on the London Stock Exchange, is pleased to announce 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') to be satisfied by the issue of New Ordinary Shares of the Company ('the Proposed Transaction').
AUC holds the Kamalenge Gold Project in the Mubende Gold District, Uganda. The Project has the potential to be a large and high-grade gold project based on preliminary due diligence of the exploration work completed by the Company and its consultants. AUC have completed extensive work and expenditures on the Project over recent years yielding substantial drilling and exploration data for the Company to advance.
Citius has agreed, subject to further due diligence, to acquire the entire share capital of AUC for total consideration of GBP2,000,000 (two million pounds), to be satisfied in full by the issue of 43,243,333,242 new shares of the Company at an implied price of GBP0.04625 per share ("Acquisition"). Citius will also undertake to raise further capital to support the future work programme and for general working capital. The details of the work programme will be finalised during the forthcoming due diligence phase.
Should the Acquisition complete, it would constitute a Reverse Take Over (" 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.
Therefore, at the request of the Company, the FCA has suspended the Company's listing on the standard segment of the Official List and trading on the Main Market of the London Stock Exchange has also been suspended as of 7.30am today, pending the publication of a prospectus providing further detail on AUC and the Company as enlarged by the Acquisition, or an announcement that the Acquisition or RTO is not proceeding. Should the RTO not proceed, then the Company would need to apply for the suspension to be lifted and for trading to be restored.
The Proposed Transaction remains subject to due diligence, completion of the acquisition and re-listing of the enlarged group on the Official List.
Cameron Pearce, Executive Director commented:
"Citius was formed for the purposes of acquiring a natural resources asset and the Board is fortunate, having reviewed several projects, to now be in a position to reach an investment decision, subject to further due diligence. The Kamalenge Gold Project is a highly exciting project given the exploration work to date and indications that it may host a large and high-grade gold project. We will be working with AUC to complete the due diligence and prospectus for the relisting of the Company as soon as practicable.
The board of Citius, which already has existing experience in operating in Uganda, looks forward to keeping shareholders informed of further developments in what we believe is a compelling transaction for shareholders of the Company". ... |
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