Critical Resources Ltd (ASX:CRR, FRA:9S70) has received firm commitments to raise A$1.75 million (before costs) through a placement priced at A$0.01 per share, with the funding to be directed to work programs across its lithium, gold–antimony and solid-state battery technology opportunities.
The company will issue 175 million new fully paid ordinary shares at $0.01 each, with investors also receiving 1-for-4 free attaching options exercisable at $0.008 on or before April 23, 2028.
The money raised will be used to advance key initiatives across the company’s project portfolio, including:
- further work at the 100% owned Mavis Lake Lithium Project in Canada
- progression of gold and antimony exploration programs across New Zealand and New South Wales
- commencement of a solid-state lithium-ion battery evaluation program with the South Dakota School of Mines
- working capital, with flexibility retained to support corporate activity and execution of planned programs
"This capital raising places Critical Resources in a strong position to advance our key projects. We were pleased to complete the placement at no discount to the last traded price, reflecting solid investor support and confidence in the company’s direction," Critical Resources managing director Tim Wither said.
"The funds enable us to accelerate work at the Mavis Lake Lithium Project, progress our gold and antimony exploration programs in New Zealand and New South Wales, and commence the solid‑state battery evaluation program with the South Dakota School of Mines — all areas where we see significant potential to create value for shareholders. Importantly, the board and management have continued to invest alongside shareholders, underscoring our confidence in the company’s assets and growth trajectory. Our focus now is on execution and delivering tangible progress in the months ahead."
Pricing and timetable
The placement price was struck at no discount to its last close of $0.01 on January 23, 2026, and represented a 5.3% premium to the 30-day VWAP of $0.0095.
Settlement of the placement shares is expected to be completed on February 11, 2026.
Demand and director participation
Critical reported strong demand from new and existing sophisticated investors and said directors and management plan to participate for $250,000 in total, highlighting their confidence in the company's direction.
Chairman Bilal Ahmad has subscribed for $200,000, while managing director Tim Wither has subscribed for $50,000. The director participation is subject to shareholder approval, with approval to be sought at a general meeting expected in mid-March 2026.