Critical Resources Limited
1
1
Critical Resources Secures AUD$10.2M to Advance Resource Growth at Mavis Lake Lithium Project
Critical Resources, a leading Australian exploration and development company, has raised AUD$10. 2M through a combination of institutional placement and flow-through shares. The capital raising will enable the company to continue focusing on the resource growth and development works at its 100% owned Mavis Lake Lithium Project.
Flow-Through Shares to Finance Drilling Campaign
The company is set to raise AUD$7. 9M through the "flow-through shares" provisions under Canadian tax law. The flow-through shares, priced at AUD$0. 0609 per share, will be immediately sold through a block trade agreement to select institutional and sophisticated investors.
Story Continues.. after this ad because we need some dollarydoos
The funds raised through the flow-through shares will finance the company through an 18-month drilling campaign at Mavis Lake, with a focus on extending the current 8. 0Mt @1. 07% Mineral Resource Estimate.
Using the flow-through provisions will allow Critical Resources to minimise issued capital dilution while keeping the focus on its exploration efforts.
Institutional Placement to Cover Corporate Costs
In addition to the flow-through shares, the company is raising AUD$2. 3M through a placement to select institutional and sophisticated investors. The placement, priced at AUD$0. 045 per share, will provide the necessary funds for corporate and administrative costs that do not qualify as 'Canadian exploration expense' for flow-through provisions under the Canadian Tax Law.
A Step Forward for Critical Resources
The capital raising of AUD$10. 2M marks a significant milestone for Critical Resources, allowing it to continue resource growth and development works at Mavis Lake Lithium Project. With the focus on extending the current mineral resource estimate and addressing corporate and administrative costs, the company is poised to make significant strides in the exploration and development of lithium resources.
Promote your business on our growing investor platform: Advertise With Us
Comments
Trending on LykeShares
Trending