Critical Mineral Resources PLC - exploration and development company focused on clean energy metals in Morocco - Raises £250,000 via placing of 12.2 million new shares, plus 8.2 million existing shares held in treasury, at 1.25 pence each. Explains that the net proceeds of the placing will be used to advance the Ifri project in Morocco, which has delivered ‘very positive initial results’ thus far. Prospecting has shown copper and silver in multiple quartz vein, and shear zone structures, with some zones assaying for gold.
Chief Executive Officer Charlie Long says: ‘The net proceeds from the Fundraising will accelerate the significant Morrocan opportunities CMR has successfully created and advanced in recent months. As a specialist Morrocan exploration and development company, we remain focused on developing projects and opportunities that offer the prospect for meaningful production of critical commodities and near-term cash generation.’
Additionally, Critical Mineral says it is in talks with an unnamed commodity trading group, which would like Critical Minerals to act as its Moroccan partner, sourcing and supplying minerals. This could be an opportunity for ‘near-term cash flows’, it says.
Current stock price: 1.34 pence, down 6.0% in London on Friday
12-month change: down 70%
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