Stillwater Critical Minerals raises C$8.78m in private placements
TSX-V-listed Stillwater Critical Minerals said on Wednesday it had raised about C$8.78-million through a series of private placements to fund exploration at its projects in the US and Canada.
The total includes C$402 000 from a non-brokered private placement that closed on August 12, the Vancouver-based company said. The financing involved issuing 1.75 million units at C$0.23 each, with each unit comprising one share and half a warrant exercisable at C$0.34 for three years.
The latest round follows a C$7-million brokered offering that closed in two tranches in June and July, and a C$1.38-million subscription from Glencore Canada, which partially exercised its participation rights. Glencore bought six-million units at the same terms.
If all warrants from the combined offerings are exercised, Stillwater could receive more than C$6.4-million in additional proceeds.
Funds will be used to advance the company’s flagship Stillwater West nickel/palladium/copper/cobalt/gold project in Montana, for limited exploration at its Kluane critical minerals project in Yukon, and for working capital.
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