Business
Placing to raise £0.25 million
Placing to raise £0.25 million.
About this update from Critical Mineral Resources Plc
[{"type":"text","content":"\n\n15 March 2024\nCritical Mineral Resources PLC\n('CMR' or the 'Company')\nPlacing to raise £0.25 million to develop high-priority Morrocan permit\nCommodity trading opportunity\n \nCritical Mineral Resources plc ('CMR' or the 'Company'), the exploration and development company focused on critical minerals in Morocco, announces that it has conditionally raised approximately £0.25 million (before expenses) by way of a placing (the 'Placing') of 12,242,252 new ordinary shares in the Company ('New Shares') and 8,018,646 ordinary shares held in the Company's name ('Treasury Shares') at a price of 1.25 pence per new Ordinary Share (the 'Placing Price').\n \nNovum Securities ('Novum') is acting as the sole broker in connection with the Placing.\n \nHighlights\n· Placing to conditionally raise approximately £0.25 million through the sale of New Shares and Treasury Shares at 1.25p per share.\n· Net proceeds of the Placing will enable the Company to advance the Ifri Project ('Ifri') in the Anti-Atlas which has delivered very positive initial results. Prospecting by CMR's geological team demonstrates copper and silver in multiple quartz vein and shear zone structures with some zones assaying for gold.\n· The Company is also in discussions with a leading global commodity trading group that would like CMR to act as its Moroccan partner to source and supply certain minerals for its global supply chain. Trading in metals and potentially industrial minerals, either in a partnership or individually, provides the Company with an opportunity for near-term cash flows.\n· Ifri Project located in an alteration hotspot and initial channel sampling included an assay of 3.1% copper and 17 g/t silver.\n· The Ifri Project is in an active mining belt which hosts four active and seven previously operating mines of copper, silver and gold.\n \nBackground to the Placing and use of proceeds\nOn 16 January 2024, the Company announced it had acquired 26 exploration permits in central Morocco prospective for copper, antimony, tungsten, lead-zinc and gold via the acquisition of Hesperis Resources SARL, a Moroccan company. The acquisition transforms the Morrocan footprint of CMR's incubator portfolio and its expos...