Critical Resources to Raise AU$1.2 Million via Discounted Placement; Shares Down 14%

MT Newswires Live08-14

Critical Resources (ASX:CRR) received firm commitments to raise AU$1.2 million via the issue of 200 million ordinary shares at AU$0.006 apiece, according to a Wednesday filing with the Australian bourse.

The issue price represents a 14.3% discount to the last traded share price of AU$0.007, the filing said. The placement comes with a one-for-two free attaching option exercisable at AU$0.015 each and expiring three years from the date of issue. New shares and options will be issued on Sept. 23.

Proceeds will be used to advance the mineral explorer's Mavis Lake exploration programs, the filing stated.

Critical Resources' shares were down more than 14% in recent trade.

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