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Citius Resources annual loss widens amid reverse takeover

22nd Aug 2023 15:53

(Alliance News) - Citius Resources PLC on Tuesday reported that its annual loss widened, amid its reverse takeover of AUC Mining Ltd.

The investment company was formed with the purpose of acquiring a natural resources asset and agreed terms with the vendors of AUC Mining Ltd in June 2022. AUC Mining holds the rights to the Kamalenge project in the Mubende gold district, Uganda.

The company's financial year, ended April 30, saw Citius continue to pursue settlement of its transaction to acquire AUC Mining.

Citius Resources said it will subsequently apply for re-admission of its shares to the official list and main market of the London Stock Exchange, as required of a reverse takeover.

In the year ended April 30, Citius said that its pretax loss widened to GBP444,287, widening from GBP259,694 a year earlier. Citius reported no income as it is yet to acquire AUC Mining and it had no trading activity during the year.

By Sophie Rose, Alliance News reporter

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