Critical Mineral Resources PLC (LSE:CMRS) has raised £250,000 through a placement to accelerate work on its operations in Morocco.
Some 12,242,252 new shares were issued and 8,018,646 treasury shares sold through the placing at a price of 1.25p each, the exploration firm said on Friday.
Proceeds are set to aid the company in advancing the Ifri project in Morocco’s Anti-Atlas mountains, where prospecting has demonstrated both copper and silver.
Discussions are also taking place with a leading global commodity trading group, the firm said, for Critical Mineral to act as its Moroccan-based supply partner.
“As a specialist Moroccan exploration and development company, we remain focused on developing projects and opportunities that offer the prospect for meaningful production of critical commodities and near-term cash generation,” chief executive Charlie Long said.
“We are delighted with our recent progress and are confident the fundraise will further enhance our Moroccan momentum.”
Critical Mineral’s Ifri project sits on an active mining belt, which hosts four ongoing and seven previously operating copper, silver and gold developments.
A complete mapping and geochemical survey of the Ifri project area will take place using funds from the placing, Critical Mineral added.