Glencore boosts investment in Stillwater Critical Minerals
Global commodities trader Glencore is investing a further C$2.1-million into Stillwater Critical Minerals, providing financial support for the continued exploration of the company’s North American nickel projects.
TSX-V-listed Stillwater last week announced a nonbrokered private placement offering up to 17 857143 units in the company at C$14 each, for gross proceeds of C$2.5-million.
Glencore Canada has agreed to purchase 15-million units of Stillwater, which owns a nickel, platinum group element, copper, cobalt and gold project in Montana, US.
Each unit is comprised of one common share and one half of one common share purchase warrant, with each full warrant entitling the holder to purchase one common share at an exercise price of C$0.21, providing up to C$1.875-million additional funding, if exercised in full.
“We are pleased to have Glencore’s continued support through their participation in this placement as we advance our flagship Stillwater West project as a large-scale source of nine metals that are now listed as critical in the US.
“With the largest nickel resource in an active US mining district, and high co-product values of copper, cobalt, palladium, platinum, rhodium and gold, we are uniquely positioned to play a key role in the US government’s stated objective of building domestic supply chains of these essential commodities,” said Stillwater president and CEO Michael Rowley.
The placement is expected to close, subject to customary conditions, upon acceptance by the TSX-V.
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