Allied Critical Metals (CSE:ACM) has raised US$15 million ($21.38 million) from new strategic investor Tribeca Investment Partners, closing the second tranche of its US$25 million private placement.
The company issued 10,317,073 common shares at C$2.05 ($2.06) each, subject to a four-month-and-one-day hold period.
Net proceeds will support development of the Vila Verde pilot project, exploration and development at the Borralha Tungsten Project, and additional working capital.
CEO Roy Bonnell says Tribeca brings mining expertise and experience supporting companies through the transition from exploration to production.
“The closing of the second tranche paves the way for us to continue to develop our flagship asset, the Borralha Property, as well as the near-term producing Vila Verde Property,” Bonnell says.
Tribeca Portfolio Manager Ben Cleary says the firm sees limited opportunities for near-term tungsten concentrate production and considers Allied’s Portuguese assets “strategically important”.
“As a shareholder, Tribeca will open its network across the mining and funding community to Allied as it advances the Borralha and Vila Verde properties,” Cleary says.
Allied paid Clarus Securities a cash commission equal to 5% of gross proceeds and issued broker warrants equivalent to 5% of the shares sold. Each warrant is exercisable at C$2.05 for 24 months.
Borralha has received a favourable Environmental Impact Declaration, supporting its advancement towards feasibility and development. Both Portuguese assets have a history of tungsten production.
Allied Critical Metals is a Canadian mining company focused on advancing its wholly owned Borralha and Vila Verde Tungsten projects in northern Portugal towards a return to production.
Write to France Pinzon at Mining.com.au
Main image: Allied Critical Metals
