European Lithium Sells Shares of CRML
European Lithium has announced the sale of 3.03 million shares of Critical Metals Corp (CRML) to a US institutional investor, generating around $50m (A$76m) in net proceeds.
The company intends to use these funds to develop the Tanbreez Rare Earth Project in Greenland.
The off-market transaction involved shares priced at $16.50 each.
- Number of shares sold: 3.03 million
- Price per share: $16.50
- Net proceeds: around $50m (A$76m)
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CRML has also finalized a private placement, raising an equivalent amount of $50m in equity funding by issuing 1.47 million ordinary shares at a price of $16.
Author's summary: European Lithium sells shares to fund project development.
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