Caerus Mineral Resources, a London based exploration and resource development company focused on developing mineral resources in Europe to supply the global ‘clean energy’ drive, has announced the acquisition of New Cyprus Copper P.A. Ltd (NCC) (acquisition) and its intention to admit its entire issued and to be issued ordinary share capital to the Standard Segment of the Official List of the Financial Conduct Authority and to trading on the Main Market for listed securities of the London Stock Exchange (admission).
The NCC acquisition provides Caerus with access to a suite of copper-gold exploration licences in the Republic of Cyprus.
The company has completed a successful fund-raise (placing) through Novum Securities Ltd by means of a placing of 21 000 000 new ordinary shares of 0.1 p each in the capital of the company (ordinary shares) (placing shares) at 10 p per share to raise £2.1 million (before expenses). In parallel, the company has entered into two subscription agreements in relation to subscriptions for an aggregate 1 500 000 new ordinary shares (subscription shares" at 10 p per share to raise £150 000 (subscription).
The placing and the subscriptions are conditional upon admission. It is expected that admission will become effective and dealings in the enlarged issued ordinary share capital of the company will commence on 19 March 2021.
- High quality brownfield exploration portfolio.
- Caerus is targeting the exploration and development of undervalued predominantly brownfield copper-gold opportunities to create a portfolio that can be commercially exploited.
- Additions to the portfolio.
- Three new licences have recently been acquired providing access to ‘greenfield exploration’ within the same host geology and structure proven conducive to mineralisation on adjacent licences held by the company and hosting former producing copper mines.
- Near-term cash generation opportunity.
- Strong near-term cash flow opportunities through a suite of brownfield exploration licences in Cyprus, providing optionality through access to remnant resources on prematurely closed former copper mines, extensions to known orebodies, new discoveries aided by modern exploration techniques not employed on the company’s licences for over 40 years together with possible reprocessing of dumps, stockpiles and tailings associated with 14 former mines all located within the company’s licence portfolio.
- Shareholder value-focused.
- Experienced board and management team, with a board composition, focused on streamlining G&A costing to ensure raised capital is used to develop existing and prospective assets.
- Strategic positioning.
- Caerus is well-positioned within the copper – gold rich volcanogenic massive sulfide geology of Cyprus to develop a pipeline of projects to sustainably feed the ‘clean energy’ transition.
- Growth exposure to rapidly developing clean energy economy.
- Copper is one of the few metals required in every type of clean energy technology from wind, solar, electric vehicles to stationary battery storage.
- 23 kg of copper are required by each combustion engine car, whereas a hybrid electric vehicle uses nearly 40 kg, and a plug-in hybrid electric vehicle 60 kg. Depending on the size of the battery, an electric bus can use between 224 kg and 369 kg of copper.
- 550 million t of copper metal will be required over the next 25 years to meet the targeted reduction in carbon footprint.
Martyn Churchouse, CEO of Caerus Mineral Resources, commented: “We are pleased to announce our intention to list on the London Stock Exchange. Caerus will provide the market with access to the re-emergence of Cyprus as a key producer of copper and a contributor towards the growing clean energy-based economy.
“We will use the funds raised to generate near-term mineral resource estimates and progress towards the economic development of our projects. As a board, Caerus has a strong track record of value creation and Caerus offers a platform to target opportunities by creating a portfolio with an emphasis on metals strongly aligned with the rapidly developing clean energy economy.
“We are excited for the next phase of the company’s growth and development as we look to deliver value and growth for our shareholders.”
Read the article online at: https://www.globalminingreview.com/finance-business/05032021/caerus-mineral-resources-acquires-new-cyprus-copper/