Non-brokered offering funds working capital and a feasibility study
By Devika Patel
Knoxville, Tenn., Feb. 27 - Critical Elements Corp. said it raised C$976,600 in the first tranche of a C$1.4 million non-brokered private placement of units. The deal priced Feb. 21.
The company is selling 7 million units of one common share and a half-share warrant at C$0.20 per unit. It sold 4,883,000 units in the first tranche.
Each whole warrant is exercisable at C$0.375 for three years. The strike price reflects an 87.5% premium to the Feb. 20 closing share price of C$0.20.
Proceeds will be used for working capital and to pursue a feasibility study.
Critical Elements is a Montreal-based rare metals and rare earths mining company.
| Issuer: | Critical Elements Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1.4 million
|
| Units: | 7 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.375
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 21
|
| Settlement date: | Feb. 27 (for C$976,600)
|
| Stock symbol: | TSX Venture: CRE
|
| Stock price: | C$0.20 at close Feb. 20
|
| Market capitalization: | C$22.71 million
|
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