$22.5m equity raising to progress Greenland, Austria projects
Nasdaq-listed Critical Metals has completed a private placement of $22.5-million to assist in accelerating development plans for the Tanbreez rare earth project in Greenland and the Wolfberg lithium project in Austria.
Under the terms of the securities purchase agreement, Critical Metals will be issuing 4.5-million ordinary shares at $5 each and warrants to purchase shares in amount equal to the shares, at a strike price of $7 a share.
The shares sold in the private placement are subject to resale registration rights.
Australia’s European Lithium, which owns 74.3% of Critical Metals, welcomed the transaction, nothing that it would strengthen the mining development company’s balance sheet.
Based on the closing share price of Critical Metals being $5.75 a share as of February 7, European Lithium’s current investment in Critical Metals is valued at $381.90-million, or A$607.21-million.
Critical Metals’ flagship project, Tanbreez, represents one of the world's largest rare earth deposits, while Wolfsberg is the first fully permitted lithium mine in Europe and is expected to be the next major producer of key lithium products to support the European market.
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