Critica (ASX:CRI) has completed an $8 million placement to advance operational activities at the Jupiter Rare Earth Project in Western Australia.
The company conducted this placement over two tranches to issue a total of 92.32 million shares at an issue price of $0.026.
Critica is also offering a one-for-one free attaching option condition to this placement, exercisable at $0.043 over two years. This condition issued a total of 92.32 million options in this placement.
Directors of Critica also participated in this placement under the same terms. Directors subscribed for 12.31 million shares and received a total of 12.31 million options.
As reported by Mining.com.au, the company recently appointed Sedgman to lead a Scoping Study at its flagship Jupiter Project. The study is a key part of the company’s Jupiter operational timeline that leads to construction and commissioning in 2029.
Critica is focused on advancing the Jupiter mine in Western Australia, with a mine-to-magnet plan to meet surging demand for rare earth elements.
Write to Maddison Elliott at Mining.com.au
Images: Critica
