Shares in Critical Mineral Resources PLC jumped 84% to 5.3p after it confirmed the completion of its Cyprus asset sale and that major shareholder Jason Cropper had increased his stake in the company.
Following the company's strategic decision to shift focus to building a portfolio of critical metals projects in Morocco, the sale to PM Ploutonic Metals and Indo-European Mining was agreed in January for US$528,001 in staged cash payments.
While the first payment of US$100,000 was made in February, the final payment and completion of the deal were delayed due to market conditions, leading to a rejigged plan for this to be split into two payments.
A second payment of £169,639 (US$213,750) has now been received, the company said, meaning completion occurred on 13 September, while a final payment of US$214,250 plus interest is due on 22 December.
Executive chairman Chris Lambert said: "This announcement marks an important transition in CMR's development. The completion of the sale of Cyprus assets enables the company to ensure its focus is wholly centred on maximising value from the exciting opportunities it is generating in Morocco."
Concurrently, major shareholder Cropper has agreed to buy 4,240,987 shares from one of the Cyprus purchases, Indo-European Mining.
His shareholding has now climbed to just over 12 million shares, giving him 19.7% of the total shares and 23.8% of the voting rights, up from 15.45% before.
In a recent update, the company told investors it has “made clear progress” in Morroco, following its acquisition of subsidiary Atlantic Research Minerals in June, and has identified a number of areas prospective for copper, silver, manganese and barite.