LONDON - Critical Metals PLC, a London-listed company engaged in the development of the Molulu Copper/Cobalt Project in the Democratic Republic of Congo, announced a financial restructuring to bolster its working capital. The company has established a £173,913 convertible loan note instrument with strategic investor NIU Invest SE subscribing to the convertible loan notes. The funds are intended for working capital purposes and to support further exploration at the Molulu site.
The convertible loan notes issued by Critical Metals are set to be redeemed by 9 April 2025, with interest payments commencing at 1% per month if not converted or redeemed by 28 February 2025. This financial maneuver follows NIU's acquisition of rights to a facility agreement, which previously provided the company with a loan from an international financial institution.
In conjunction with the financial restructuring, Critical Metals has made strategic changes to its board. Mr. Jean Pierre Tshienda, a UK national of Congolese origin with substantial expertise in mining governance and international business economics in the DRC, has been appointed as an Executive Director. His experience includes a consulting role for the DRC Mining Cadastre.
Simultaneously, Marcus Edwards-Jones has stepped down from his position as a Non-Executive Director to concentrate on his role at Phoenix Copper, effective 18 December 2024. Mr. Kelvin Williams, who brings extensive experience in strategic restructuring and project financing, will replace him as a Non-Executive Director.
Russell Fryer, CEO of Critical Metals, expressed gratitude to Marcus Edwards-Jones for his contributions and welcomed the new board members, emphasizing their valuable expertise as the company prepares for the year ahead. The board changes and funding are part of Critical Metals' strategy to strengthen its position and advance the Molulu Project.
The information reported is based on a press release statement by Critical Metals PLC.
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