Caerus Mineral Resources PLC (LSE:CMRS) has entered into a binding heads of agreement with PM Ploutonic Metals Ltd and Indo-European Mining PR Ltd for the transfer of Caerus’ Cyprus assets to the two companies.
The transaction marks the end of Caerus’ direct involvement in Cyprus and reflects its broader strategy to seek larger development opportunities in the battery metals sector in partnership with EV Metals (EVM).
Under the agreement, London-listed Caerus will sell the entire issued share capital of New Cyprus Copper PA Ltd and GC Gold Mines (Cyprus) Limited, in addition to intercompany loans due to Caerus.
Platonic Metals and Indo-European Mining will pay a total of US$528,000 (£435,000) in cash for the assets.
Commenting on the sale, Caerus’ chairman Chris Lambert said: “The successful sale of the company's Cyprus portfolio follows the new management's extensive review of the business and is an important milestone in Caerus' evolution.
“The transaction secures funds for the company and removes legal exposure to BMG Resources Limited and its disputed A$2mln put option.”
BMG Resources invoked a dispute resolution process with New Cyprus Copper in July regarding an amendment to an original share purchase agreement.
Lambert added: “Critically, the company and its management are now able to wholly focus on executing Caerus' evolved strategy to invest in larger scale opportunities aligned with, and gained through, the EVM partnership.”