Caerus Mineral Resources PLC (LSE:CMRS) is raising £1.5mln via a placing and subscription of shares priced at 20p each.
For every two placing and subscription shares a warrant will also be issued, exercisable for two years from completion at a price of 30p per share.
Caerus is working up the Kalavasos, Mala and North Mathiatis projects in Cyprus, as well as packages of ground acquired in two acquisitions made in June.
The proceeds of the placing will be used primarily to fund development work on these projects. The company will work closely with Jubilee Metals Group and Bezant Resources PLC (AIM:BZT, FRA:BN5) in accordance with agreements announced in May 2021 and August 2021, respectively.
"Our acquisition of PR Ploutonic Resources and GC Gold Mines (Cyprus) Limited has created exciting projects with considerable potential upside from exploration success,” said Martyn Churchouse, chief executive of Caerus.
“This is reinforced by our impending Joint Venture (JV) with Bezant Resources to develop our Troulli property. We are confident that from our original portfolio at admission, the acquisitions made since then, and the JV, we have opportunities to meet the criteria set by the Jubilee Metals Option Agreement as well as progress towards commissioning a new and modern mine in Cyprus.”