Exploration and development company Critical Mineral Resources has conditionally raised about £250 000 through the placing of 12.2-million new ordinary shares in the company and 8.02-million ordinary shares held in the company’s name.

Novum Securities is acting as the sole broker in connection with the placing.

Net proceeds of the placing will enable the company to advance the Ifri project, in the Anti-Atlas region in Morocco, which it says has delivered very positive initial results.

Prospecting by the company’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 global commodity trading group that would like it 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.

The Ifri project, located in an alteration hotspot, is in an active mining belt which hosts four active and seven previously operating copper, silver and gold mines.

In January, 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 Moroccan company Hesperis Resources.

The company remains focused on developing Moroccan clean energy and critical minerals projects that offer significant scale potential. Accordingly, and following in-depth analysis, it has concluded the Ifri project meets these criteria.

Initial prospecting at the Ifri site located multiple large copper mineralised shear structures with copper oxide, copper sulphide, silver and gold mineralisation.

Net proceeds from the placing will enable a complete mapping and geochemical survey of the project area.

Ifri benefits from established local road and power infrastructure, the company points out.

“I would like to thank our existing shareholders for their support and welcome new shareholders to the register. The net proceeds from the fundraising will accelerate the significant Moroccan opportunities Critical Mineral Resources has successfully created and advanced in recent months.

“As a specialist Moroccan 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. We are delighted with our recent progress and are confident the fundraise will further enhance our Moroccan momentum,” says CEO Charlie Long.