Caerus Mineral Resources PLC said it plans to list on the London Stock Exchange on March 19.
The intention to float follows its acquisition, announced today, of New Cyprus Copper PA Ltd (NCC), a company with a number of copper-gold exploration licences in Cyprus.
“We are pleased to announce our intention to list on the London Stock Exchange,” said chief executive Martyn Churchouse. “Caerus will provide the market with access to the re-emergence of Cyprus as a key producer of copper and a contributor towards the growing clean energy-based economy.”
As well as its tradional uses, copper is also found in most clean energy technology.
Caerus has raised £2.1mln, via a placing through Novum Securities Ltd, and entered into two subscription agreements to raise a further £150,000.
Funds from the placing and the subscriptions, both of which are conditional on a successful listing, will be used to generate near-term mineral resource estimates and move the projects towards development.
Cyprus has a long history of copper production.
“With production halting prematurely over 40 years ago, there is considerable scope for redevelopment of former mines and making of new discoveries,” Caerus noted on its website. “While copper has historically been the focus of production on the Island, the presence of gold provides further impetus to Caerus’ exploration.”