Business
Deeprock Minerals: Allied Critical Metals Closes Private Placement in Connection with Reverse Takeover Transaction
Vancouver, British Columbia, Canada – TheNewswire - March 25, 2025 – Deeprock Minerals Inc. (CSE: DEEP.CN) (“Deeprock”) and Allied Critical Metals Corp. (“ACM”)
About this update from Allied Critical Metals Inc.
[{"type":"text","content":"Vancouver, British Columbia, Canada – TheNewswire - March 25, 2025 – Deeprock Minerals Inc. (CSE: DEEP.CN) (“Deeprock”) and Allied Critical Metals Corp. (“ACM”) are pleased to announce the closing of the previously announced private placement (the “Offering”) of subscription receipts (the “Subscription Receipts”) of ACM. Pursuant to the Offering, ACM issued an aggregate of 22,890,680 Subscription Receipts at a price of $0.20 per Subscription Receipt (the “Issue Price”) for approximately $4.6 million. Research Capital Corporation as the lead agent and sole bookrunner (the “Lead Agent”), together with ECM Capital Advisors Ltd., Beacon Securities Limited and Ventum Financial Corp. (collectively with the Lead Agent, the “Agents”) acted as agents for the brokered component of the Offering. We are excited to have successfully secured this important equity financing, which strengthens our position as a leading player in the global tungsten market. As China reduces its exports of this critical mineral, our operations in Portugal have never been more crucial. This funding will enable us to continue development drilling, start on our pilot plant, enhance sustainability, and eventually meet the growing global demand for tungsten,” commented Roy Bonnell, Chief Executive Officer of ACM. “We are well-positioned to provide a reliable, high-quality supply of tungsten to key industries, and we remain committed to delivering value to our shareholders and contributing to strategic resource security”. Summary of the Offering The Offering was completed in connection with a series of transactions that will result in a reverse takeover (“RTO”) of Deeprock by way of a three-cornered amalgamation among ACM, Deeprock, and Deeprock Holdings Ltd., a wholly-owned subsidiary of Deeprock to be incorporated for the sole purpose of facilitating the amalgamation (the “Transaction”). Further details of the Transaction were previously announced on October 29, 2024. References herein to the “Resulting Issuer” refer to Deeprock following the completion of the Transaction. An aggregate of 22,890,680 Subscription Receipts were issued in connection with the Offering. Each Subscription Receipt shall entitle the holder thereof to receive, upon the satisfaction or waiver (to the extent such waiver is permitted) of certain escrow release conditions (the “Escrow Release Con...