Meteoric Resources raises AU$25 Million for exploration and development

Australian mining company, Meteoric Resources (ASX: MEI), has received firm commitments for an AU$25 million fundraise through the placement of 200 million shares. The funds raised via the placement will be used to develop its Brazilian Ionic Adsorption Clay Caldeira rare earth element (REE) project. The project consists of 30 licenses, six of which have undergone significant REE exploration. Meteoric is aiming to release a Maiden Mineral Resource Estimate (MRE) for the project in late April.

In addition, the company has appointed Dr. Andrew Tunks as Executive Chairman and Dr. Marcelo de Carvalho as Executive Director and Chief Geologist. Meteoric's newly appointed CEO, Nicholas Holthouse, will also be involved in the development of the Caldeira REE project.

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