Fundraise and Warrants15 Dec 2022 12:15
Fundraise
As the current cash balance in the Company is allocated for production of copper ore, a drilling programme, and general working capital, a capital raise of £1,300,000 via Peterhouse Capital Limited at the 30-day volume weighed average price ("VWAP") of 25p per Ordinary Share was undertaken and subscribed by five investors including Ian Hannam and Mark Horrocks ("Fundraising").
Russell Fryer, a director of the Company, is also subscribing for 20,000 Ordinary Shares ("Ordinary Shares") in the Fundraising at a price of 25p per Ordinary Share.
The use of proceeds of the capital raise is to increase the Critical Metals Mauritius voting control to 78.5%, while a portion of the proceeds of the placement will be used to hire two consultants to help evaluate and advise on potential near term acquisition opportunities, to enhance the already funded drilling programme if needed, to the purchase of the remaining 21.5% interest in MO held by Madini Minerals Ltd should they accept the offer.
Exercise of 600,000 Warrants
The Company has also received a notice for the exercise warrants over a total of 600,000 shares exercisable at £0.10. This has resulted in funds of £60,000 being received by the Company and the Company has issued and allotted those shares subject to admission.