Exploration and development company, Critical Mineral Resources, has conditionally raised approximately £250,000 through a placing of 12.2 million new ordinary shares and 8.02 million ordinary shares held in the company’s name. Novum Securities is serving as the sole broker for the placing.
The net proceeds from the placing will enable the company to advance its Ifri project in the Anti-Atlas region of Morocco, which has shown promising initial results.
Prospectors from the company have identified copper and silver in multiple quartz vein and shear zone structures, with some zones also assaying for gold.
Furthermore, Critical Mineral Resources is in discussions with a global commodity trading group interested in partnering with the company to source and supply certain minerals for its global supply chain.
This potential partnership offers the company an opportunity for near-term cash flows through trading in metals and industrial minerals.
The Ifri project is situated in an active mining belt known for hosting copper, silver, and gold mines. In January, the company expanded its portfolio by acquiring 26 exploration permits in central Morocco, prospective for various minerals including copper, antimony, tungsten, lead-zinc, and gold.
With a focus on developing Moroccan clean energy and critical minerals projects, Critical Mineral Resources aims to leverage the significant scale potential of its ventures.
The Ifri project, characterized by multiple large copper mineralized shear structures, is set to undergo complete mapping and geochemical surveys using the proceeds from the placing.
Benefitting from established local road and power infrastructure, the Ifri project aligns with the company’s strategic goals.
CEO Charlie Long expressed gratitude to existing shareholders for their support and welcomed new shareholders, emphasizing the accelerated progress and momentum the fundraising will bring to Critical Mineral Resources’ Moroccan ventures.
