Net proceeds will be used to advance the commercialization roadmap of Tanbreez
Critical Metals Corp. (Nasdaq: CRML) (“Critical Metals Corp” or the “Company”), a leading critical minerals mining company, today announced that it has entered into a securities purchase agreement with a fundamental institutional investor to raise $35,000,000 of gross proceeds via a private investment in public equity (“PIPE”) transaction. The Company intends to use the net proceeds from the offering to help fund the development of its 4.7 billion metric ton rare earth deposit, Tanbreez, in Greenland.
“This financing from a fundamental institutional investor further validates the opportunities ahead for Tanbreez and Critical Metals Corp and underscores the growing need for heavy rare earths in the West,” said Tony Sage, CEO and Executive Chairman of Critical Metals Corp. “We look forward to welcoming this new institutional investor as we advance our commercialization roadmap for Tanbreez and bring this game changing rare earth asset closer to production.”
Under the terms of the securities purchase agreement, the Company will issue, for an aggregate purchase price of $35,000,000, an aggregate of 5 million ordinary shares (the “Issued Shares”) and warrants (the “PIPE Warrants”) to purchase 10 million ordinary shares at a strike price of $7.00 per share, with an expiration date of 6-years from the issue date of the PIPE Warrants. The Issued Shares and the PIPE Warrant Shares are entitled to customary resale registration rights. The closing of the PIPE is subject to customary closing conditions for financing of this nature.
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