Critical Minerals Group Raises AU$1.70 million for Electrolyte Manufacturing Expansion

Mar 07, 2024

Critical Minerals Group Limited (ASX: CMG) has secured AU$1.70 million through a placement at AU$0.15 per share, with significant commitments from new investors like FKG Group and the Wattlestone Family Office. The company's largest shareholder, Idemitsu Australia, also contributed $547k to maintain their 32.22% holding. The funds will primarily fuel the development of the Company’s electrolyte manufacturing business and the Lindfield Vanadium Project.

The placement price, at an 18.9% discount to the last traded price, signifies strong investor interest. Tranche 1 shares will be issued to investors soon, while Tranche 2 shares are subject to shareholder approval. The CEO expressed gratitude to investors and highlighted plans to advance feasibility studies, aiming to establish the company as a major player in the energy storage sector. Vested Equities Pty Ltd facilitated the raise, with associated fees for their services.

 

 

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