Award of Warrants

RNS Number : 8078V

Caerus Mineral Resources PLC

19 April 2021

 

19 April 2021

Caerus Mineral Resources Plc

("Caerus" or the "Company") (Ticker: CMRS)

Award of Warrants

The Board of Directors of Caerus Mineral Resources announces the issue of 2,000,000 Warrants to its Chairman, (Emeritus) Professor Mike Johnson. The Warrants convey the right to subscribe for Ordinary Shares of 1p each in the capital of the Company at a price of 12.5p   for a period of 2 years from Admission.

The Warrants have been awarded to cover a three-year period and allocated for the completed years of service as follows: 500,000 for 2019 and 600,000 for 2020. For 2021, the total allocation of 900,000 Warrants is based on Professor Johnson remaining in-post for the duration of the calendar year.

Martyn Churchouse, Chief Executive Officer of Caerus Mineral Resources, said : "Mike has worked tirelessly to secure an exciting future for Caerus and the Board considers that this should be recognised, especially as he has agreed, to forego any past or future Salary and the Director Fees that are customary for his post and responsibilities.

Caerus is working to rapidly advance its copper production-driven mission as a Main-Board LSE-listed company, backed by the funds from its recent oversubscribed Placing through Novum Securities and a Cornerstone Investor, EV Metals Group plc."

For further information , please visit www.caerusmineralresources.com or contact:

Caerus Mineral Resources plc:
Martyn Churchouse Chief Executive Officer	[e-mail] [phone]
Novum Securities
Jon Belliss	[phone]

Follow us on Twitter at @CaerusMineral

About Caerus Mineral Resources

Caerus Mineral Resources is an exploration and resource development company targeting brownfield sites in the Republic of Cyprus, an island with a history of copper and gold production before partition in the mid-1970s.

Caerus sees the potential for renewed mining of copper and gold in Cyprus as part of its broader strategy of building a portfolio of European mineral assets in response to the transition to low-carbon technologies aligned with the global 'Clean Energy' drive.

The aim in Cyprus is to redevelop former copper-gold mines hosting residual Cu - Au sulphide mineralisation, to identify strike extensions to known orebodies within existing and new Cu - Au targets and to process these using flotation, evaluating the viability of low-technology heap or vat leaching reprocessing of dumps and stockpiles for early cash flow to fund future growth.

Historically, Cyprus's emphasis was on developing easily accessible high-grade copper mines generally at or near surface, and only limited effort was made to explore for deposits beneath cover or along strike where VMS orebodies typically occur in clusters. The Company sees an opportunity to deploy modern exploration techniques over licences that have not been systematically evaluated for more than 40 years.

Mainly due to a government levy applied up to the mid-1970s making it uneconomical, gold is the forgotten metal in Cyprus. The combination of current gold and copper prices changes the exploration landscape for lower grade mineralisation. Disseminated and stockwork mineralisation located beneath high-grade sulphide orebodies is a diagnostic of the Cyprus-type VMS deposits associated with Cypriot geology and the majority of the Company's former producing mines. This represents a further target adding to the optionality of the Group's assets in Cyprus. 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

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