Critical Mineral Resources PLC (LSE: CMRS) has successfully secured £250,000 through a share placement to expedite its projects in Morocco.
The company issued 12,242,252 new shares and sold 8,018,646 shares from its treasury at a price of 1.25p per share, as announced today by the exploration company.
Highlights
· Placing to conditionally raise approximately £0.25 million through the sale of New Shares and Treasury Shares at 1.25p per share.
· 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.
· 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.
· Ifri Project located in an alteration hotspot and initial channel sampling included an assay of 3.1% copper and 17 g/t silver.
· The Ifri Project is in an active mining belt which hosts four active and seven previously operating mines of copper, silver and gold.
The raised capital will support the advancement of the Ifri project in the Anti-Atlas mountains of Morocco, where exploration has revealed the presence of copper and silver.
Critical Mineral is also in talks with a prominent global commodity trading group to become its supply partner in Morocco.
Charlie Long, the CEO, emphasized the company’s commitment to developing projects that can produce critical commodities and generate cash in the near term. He expressed satisfaction with the company’s recent achievements and optimism that the fundraising will boost their activities in Morocco.
The Ifri project is located in a prolific mining region, home to four active and seven former copper, silver, and gold mines.
Critical Mineral plans to conduct comprehensive mapping and geochemical surveys of the Ifri project area, financed by the proceeds from the share placement.
