Curzon Energy PLC Letter of Intent Executed on a Potential RTO (5431G)
18 Marzo 2020 - 8:00AM
UK Regulatory
TIDMCZN
RNS Number : 5431G
Curzon Energy PLC
18 March 2020
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
18 March 2020
Curzon Energy Plc
("Curzon" or the "Company")
Letter of Intent Executed on a Potential RTO
Curzon Energy Plc (LON:CZN) the London Stock Exchange listed
company, is pleased to announce that it has executed a letter of
intent with the Sun Seven Stars Investment Group ("SSSIG") to
potentially acquire a 100% interest in London Critical Metals
Market ("LCMM"), the first unified global metals trading exchange
for critical metals that have few or no direct investment or
trading options elsewhere in the World.
The Company will now enter an initial period of exclusivity with
SSSIG during which each party will conduct due diligence on the
other. The parties have agreed that during this period they will
work towards the execution and delivery of a definitive purchase
agreement contemplating a reverse takeover of Curzon by LCMM
("RTO"), including receipt of the required regulatory approvals
from the FCA and its primary market functions. The due diligence
period is expected to last approximately 1 month.
For providing SSSIG with an initial period of exclusivity
lasting through to 30 June 2020, SSSIG will lend the Company an
initial amount of GBP125,000 in the form of a one-year loan note
carrying an annual interest rate of 10% per annum, convertible at
the price of any subsequent share issue in the contemplated RTO
transaction.
After 30 April 2020, further loan funds may be made available by
SSSIG to the Company if the envisaged transaction continues to
progress, or in order to extend the initial period of exclusivity
beyond 30 June 2020.
About London Critical Metals Market
London Critical Metal Market (LCMM), is the first globally
unified metals trading network focusing on critical metals and
covering multiple metals. It utilizes AI, blockchain, cloud and big
data technologies to integrate and synchronize the existing global
metals buying and selling infrastructure and offers "one venue for
listing and global trading" trading service for physical delivery
and custody on all metals (including but not limited to
nonferrous/precious/critical metals). Moreover, LCMM cooperates
with partners to offer financial derivatives products & trading
services. These products and services focus on critical metals and
multilevel financial services such as supply chain financing and
global settlement. LCMM facilitates borderless clearance and
settlement via both fiat and digital currencies, linking RMB with
other fiat currencies through digital stable coins including DCEP
and USDT. By combining global settlement, supply chain financing
capabilities and providing dynamic pricing indicators, LCMM creates
a unique global metal trading price index system for all partner
types throughout the value chain including mine owners, traders,
and end-product manufacturers.
Scott Kaintz, Chief Executive Officer of Curzon, commented:
"The Board is enthusiastic about the opportunity presented by a
potential combination with London Critical Metals Market, a new
metals trading platform. If the combination goes ahead, it would
see Curzon participating in the growth of a critical metals trading
platform including global settlement and supply chain financing,
transforming the future prospects of the Company for the benefit of
shareholders.
"We look forward to updating the market as we make progress on
this potential combination."
For further information please contact:
Curzon Energy Plc +44 (0) 20 7747 9980
Scott Kaintz
www.curzonenergy.com
SP Angel Corporate Finance LLP +44 (0) 20 3470 0470
Richard Hail
Optiva Securities Limited +44 (0) 20 3137 1902
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END
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