Mentioned:
Critical Metals believes one of the world’s most important rare earth deposits is located in Greenland. Which is exactly why they’ve just raised a new mega round of funding.
What’s happening:
- Critical Metals (NASDAQ: CRML) has publicly stated they have secured $60M USD in a new equity financing round
By the numbers:
- Critical Metals will issue approximately 5.99M common shares at a price of $10.00 USD per share as part of the new financing round
Why it matters:
- The Government of Greenland just recently made major waves when they approved Critical Metals to increase their ownership position in their flagship rare earth project Tanbreez to 92.5%
Going deeper:
- Critical Metals previously struck a joint venture deal with the Romanian state owned company FPCU to supply them with 50% of all the rare earth oxide production from their Tanbreez project and build out a vertically integrated supply chain for processing rare earth elements and producing rare earth magnets in Europe
- Critical Metals also just recently committed $30M USD to a new exploration program at Tanbreez as well as infrastructure acquisitions throughout Greenland
