Mid-week news sees several mining companies raising capital yesterday (18 June), including Critical Metals Corp (NASDAQ:CRML) which received a non-binding letter of interest for US$120 million ($184.86 million) from the Export-Import Bank of the United States.
The company is required to meet development milestones of its Tanbreez Project in Greenland, including permitting, Feasibility Studies, and environmental assessments with a repayment term of 15 years to EXIM’s Supply Chain Resiliency Initiative.
Critical Metals forecasts the project will produce up to 85,000 tonnes of rare earth materials annually, with US$290 million required to kickstart initial commercial production.
Focusing on the production of critical metals and minerals necessary for the global shift towards electrification, Critical Metals is a mining development company with a portfolio of projects spanning Europe.
Meanwhile, Turaco Gold (ASX:TCG) has received commitments to raise $59.7 million to advance the Afema Project in southern Cote d’Ivoire, West Africa.
The company will issue 135.6 million shares at an issue price of $0.44 per share, which represents a 9.3% discount to the closing price on 13 June of $0.485 per share and the five-day volume weighted average price (VWAP).
Shareholders have the opportunity to subscribe for up to $30,000 worth of shares at the same issue price, with the company offering up to $4 million under this share purchase plan.
Canaccord Genuity, Argonaut Securities, and SCP Resource Finance acted as the joint lead managers for the placement, and Morgans Corporate as co-manager.
The company will use funds towards ongoing resource drilling, upcoming drilling at “high-priority” targets, as well as to accelerate regional exploration efforts across the wider project area and future Feasibility Studies.
Turaco Gold is a gold explorer, focused on developing its Afema Project, which has delineated a JORC-compliant resource of 3.55 million ounces of gold since the company first acquired it in March 2024.
Blaze of capital
On the tail of entering a binding agreement to acquire 80% of the Loulombo Project, Blaze Minerals (ASX:BLZ) is raising $2.42 million through the issue of 1.21 million shares.
The company has received commitments from investors to raise these funds at an issue price of $0.002 per share, with Director Mathew Walker or entities associated intending to invest a further $100,000, bringing the total raising to $2.52 million.
A further 50 million shares will be issued in relation to director participation, subject to shareholder approval.
CPS Capital Group will act as the lead manager for this placement.
Blaze will use the funds for the acquisition and exploration costs of the Loulombo Project, as well as contributing to exploration costs of the company’s Uganda projects.
First Au (ASX:FAU) has increased the amount of its $1 million placement to $1.5 million, after receiving “strong” commitments from domestic and international investors.
Completed over two tranches, the company will issue 428.57 million shares at a price of $0.0035 per share, with the first 4.29 million shares to be issued on or before 24 June.
Subject to shareholder approval at the annual general meeting, the remaining 424.27 million shares are expected to be issued on or before 31 July.
Non-executive Director Lei Shi will contribute $120,000 in tranche two, as well as 571.43 million performance rights expected to be issued across two classes. The performance rights will be issued with an exercise price higher than the 15-day VWAP at the time or the floor price of $0.0035.
Funds will be used to progress the company’s acquisition of the Nimba Gold Project in Liberia, which is a wholly-owned subsidiary of Hamak Gold (LSE:HAMA).
As reported by Mining.com.au last month, First Au executed a binding term sheet to earn-in up to 70% interest in the Nimba Gold Project, with the option to fully acquire the tenement package.
Turaco Gold will be attending the Noosa Mining Investor Conference, held between 23-25 July, at the Peppers Noosa Resort.
Mining.com.au is an official media partner of this year’s conference.
Write to Maddison Elliott at Mining.com.au
Images: Turaco & Critical Metals
