t
Critical Metals plc announced that NIU Invest acquired the rights to its Facility Agreement (dated 13 September 2023) and £63,600 of convertible loan notes (dated 09 April 2024) from an international financial institution. Critical Metals plc subsequently agreed with NIU Invest to extend the payment of sums due under the Facility Agreement until 20 June 2025, with the associated security novated to NIU Invest. The Company has also reached agreements in principle with several other creditors to reduce amounts owed or convert them to equity, pending legally binding agreements.
| Date | 13 Dec 2024 |
| Time | 15:34:11 |
| Category | Miscellaneous |
| ID | 0988Q |
Critical Metals plc / EPIC: CRTM / Market: Main Market
13 December 2024
Critical Metals Plc
("Critical Metals" or the "Company")
Debt Restructuring Update
On 11 November 2024 the Company announced that it had reached agreement with its international financial institution to reschedule its payments under its facility agreement dated 13 September 2023 ("Facility Agreement") to deferred payments to 20 December 2024. NIU Invest has now acquired the rights in that Facility Agreement and £63,600 of convertible loan notes issued to the international financial institution under the convertible loan note instrument issued by the Company dated 09 April 2024. The Company has agreed with NIU the payment of the sums due under the Facility Agreement will be extended until 20 June 2025. The extension contains customary default and cross default provisions. The international financial institution's security for the Facility Agreement has also been novated to NIU invest. NIU is exploring further funding into CRTM and the Company will update the market in due course.
The Company has also been in discussion with a number of creditors and has reached agreements in principle to reduce the amounts owed and/or convert the amounts owed to equity at a later date. These statements are subject to legally binding agreements being entered into.
Commenting on the strategic Board changes, Russell Fryer, CEO of Critical Metals plc said:
"We are taking significant steps to simplify and restructure our balance sheet, a vital step in aligning our financial position with our strategic goals. This approach will allow us to concentrate our efforts on advancing the Molulu Project ensuring its development remains our primary focus."
**ENDS**
|
Critical Metals plc CEO Russell Fryer
|
|
|
Fox-Davies Capital Limited Corporate Broker Daniel Fox-Davies
|
Tel: +44 (0)20 3884 8450
|
|
St Brides Partners Ltd Financial PR Ana Ribeiro / Charlotte Page
|
|
About Critical Metals
London listed Critical Metals plc is focused on identifying low CAPEX and OPEX brown-field projects with near-term production and cash-flow, concentrating on minerals that have strategic importance to future global economic growth. In line with this, and with an off-take partner already in place, the Company is currently focused on developing the formerly producing Molulu Copper/Cobalt Project in the Katangan Copperbelt in Democratic Republic of Congo ('DRC').