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IN BRIEF: Citius Resources agrees reverse takeover of Uganda gold mine

9th Jun 2022 14:48

Citius Resources PLC - Rugby, England-based company seeking to buy precious or base metals projects - Signs binding heads of terms for the acquisition of AUC Mining (U) Ltd. AUC owns the Kamalenge gold project in the Mubende gold district of Uganda. The GBP2.0 million price tag would be paid with the issue of 43.24 billion Citius shares at an implied price of 4.63 pence each. The deal represents a reverse takeover, so trading in Citius shares is suspended from Thursday. The stock was last quoted at 3.00p. Citius listed on the London Main Market back in August of last year.

"The Kamalenge gold project is a highly exciting project, given the exploration work to date and indications that it may host a large and high-grade gold project," says Citius Executive Director Cameron Pearce. "We will be working with AUC to complete the due diligence and prospectus for the relisting of the company as soon as practicable."

By Tom Waite; [email protected]

Copyright 2022 Alliance News Limited. All Rights Reserved.

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