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Citius Resources expects to complete reverse takeover, loss narrows

29th Nov 2022 12:04

(Alliance News) - Citius Resources PLC said on Tuesday that it expects to complete a reverse takeover of AUC Mining Ltd, pending due diligence, while it reported its interim loss to have mildly narrowed.

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

Citius Resources said it is well positioned to complete the acquisition and would 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.

"The Kamalenge gold project is a highly exciting project given the exploration work to date and indications that it may host a high-grade gold project with the potential for near term production," said Chief Executive Officer Cameron Pearce.

It reported its interim pretax loss in the six months that ended October 31 was GBP136,526, narrowing mildly from GBP147,170 a year earlier. Citius Resources reports no income as it is yet to acquire AUC Mining.

By Greg Rosenvinge; [email protected]

Copyright 2022 Alliance News Limited. All Rights Reserved.

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