Mentioned:
CRML -11.17% UCU -13.71%
The Tanbreez Project in Greenland may contain one of the largest sources of rare earth elements of any project in the world. Which is exactly why Critical Metals has just raised a new strategic financing round.
What’s happening:
- Critical Metals (NASDAQ: CRML) has raised $35M USD in a new equity financing round with a single fundamental institutional investor
By the numbers:
- Critical Metals issued common shares at $7.00 USD as part of the new funding
Why it matters:
- The Tanbreez Project in Greenland is one of the world’s single most important rare earth projects that is not controlled by China and is widely considered to contain billions of metric tonnes of rare earth elements
Going deeper:
- Critical Metals just recently made waves when they more than doubled their ownership position in the Tanbreez Project to 92.5%, after renegotiating their original deal with geologist Gregory Barnes
- Critical Metals has also been beginning to enter into their first supply deals, including striking a deal with Ucore Rare Metals (TSVX: UCU) to sell them heavy rare earth element feedstock
The fine print:
- Critical Metals has been in major focus lately as speculation has been mounting that the United States government may look to take a strategic ownership position in the company, however that has currently not been confirmed by the White House or any federal government agency
