Rapid Critical Metals (ASX:RCM) has returned firm commitments to raise $14 million via a two-tranche placement to fund the ongoing acquisition of the Webbs Consol Project from Lode Resources (ASX:LDR).
The company will issue 400 million shares at an issue price of $0.035, representing 2.9% premium to the last closing price on 11 September, as well as an 8% premium to the five-day volume weighted average price (VWAP).
Rapid Critical intends to raise $5.6 million through the issue of 159.7 million shares in the first tranche, before issuing another 240.3 million shares to raise the remaining $8.4 million following shareholder approval.
Foster Stockbroking and GBA Capital acted as joint lead managers and bookrunners to this placement, obtaining a joint 2% management fee and 4% distribution fee of total funds raised.
The placement received support from investor Eric Sprott, Jupiter Asset Management and Tribeca Investment Partners, each allocated shares worth $10.5 million, as well as directors participating up to $200,000, also subject to shareholder approval.
Shareholders will meet at an upcoming general meeting, expected to be held in early November 2025.
Managing Director Byron Miles says the company is pleased with the level of interest this placement has received.
“We are pleased to welcome the likes of Eric Sprott, Jupiter Asset Management and Tribeca Investment Partners as shareholders in the company and see this as an endorsement of the company’s New South Wales silver exploration strategy,” Miles says.
“The company is now well capitalised and the board will diligently use these funds to not only complete the acquisition of the Webbs Consol but also to continue to develop and implement a thorough and well planned exploration program on our New South Wales and Canadian projects.”
Rapid Critical Metals is a silver and gallium explorer focused on developing its portfolio of assets in New South Wales and British Columbia.
Write to Maddison Elliott at Mining.com.au
Images: Rapid Critical Metals
