Skip to content
Finance Investment, Oil Mining Resources

Critical Minerals Group Limited (ASX: CMG) – Placement raises $1.70m

Critical Minerals Group Limited (ASX: CMG) 2 mins read

Critical Minerals Group Limited (ASX: CMG) (CMG or Company) is pleased to announce that it has received firm commitments from sophisticated and professional investors for a placement of $1.70 million (before costs) at a price of $0.15 per share across two tranches (Placement).

The placement price represents an 18.9% discount to the Company’s last traded price of $0.185 on 4 March 2024 and a 6.25% discount to the 10-day volume weighted average price.

Highlights:

• Firm commitments received to raise $1.70m via a placement at $0.15 per share

• Two new notable investors to join the register including FKG Group and the Wattlestone Family Office.

• Continued support of the largest shareholder, Idemitsu Australia contributing $547k in the raise to maintain their 32.22% holding.

• Funds are being used to develop the Company’s electrolyte manufacturing business including pilot plant planning, and feasibility studies. Additionally, funds will be applied to the Lindfield Vanadium Project via commencement of the Pre-feasibility, approvals and ecology and water studies.

The proceeds of the Placement (less fees and expenses) will be applied to advance the Company’s strategy to produce electrolyte for vanadium batteries, by developing the Lindfield Vanadium Project to deliver a secure supply of Vanadium Pentoxide through:

• the commencement of a Pre-Feasibility Study (PFS); and

• the initiation of a Definitive Feasibility Study (DFS), inclusive of Pilot Plant processing operations and comprehensive environmental studies.

Chief Executive Officer, Scott Winter said,

“We are pleased to welcome our new shareholders and thank our existing investors for their support as we continue to advance our strategy through developing our projects. Following the positive results of our Scoping Study1 , we are excited to progress the feasibility studies as we work towards our strategy to manufacture vanadium electrolyte for batteries using vanadium pentoxide from the Lindfield Vanadium Project production and become a leading Australian participant in the long-duration energy storage space.”


About us:

Critical Minerals Group Limited (ASX:CMG, “CMG” or the “Company”) is an exploration company with the principle focus of developing critical minerals projects. CMG was formed to identify, secure, acquire and develop critical mineral resource tenements in proven regions in Australia. 


Contact details:

Jane Morgan

jm@janemorganmanagement.com.au

Media

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.