European Lithium Sells Shares of Critical Metals Corp
European Lithium has sold 3.03 million shares of Critical Metals Corp (CRML) to a US institutional investor, generating around $50m (A$76m) in net proceeds.
The company plans to use these funds to develop the Tanbreez Rare Earth Project in Greenland. The shares were priced at $16.50 each in an off-market transaction.
Additionally, CRML has finalized a private placement, raising $50m in equity funding by issuing 1.47 million ordinary shares at a price of $16.
The funds will be used to develop the Tanbreez Rare Earth Project in Greenland.
Author's summary: European Lithium generates $50m from share sale.
- Shares sold: 3.03 million
- Price per share: $16.50
- Net proceeds: $50m (A$76m)
- Purpose of funds: Development of Tanbreez Rare Earth Project