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LONDON - Critical Metals PLC (LSE:CRTM) announced on Wednesday a retail offer of 23.6 million new ordinary shares priced at £0.02 per share to raise approximately £472,598 from existing retail shareholders.
The fundraising is part of a broader £956,482 capital injection needed for the company to continue operations while developing its Molulu copper/cobalt project in the Democratic Republic of Congo, in which it holds a 70% indirect interest.
NIU Invest SE has committed to subscribe for the entire amount but has agreed to scale back to allow existing shareholders and certain convertible loan note holders to participate in the offering at the same price.
The issue price represents a 74.2% discount to the closing share price of 0.775p on July 15, assuming a proposed share capital reorganization is implemented. This reorganization would consolidate existing shares by a factor of 10.
The retail offer is conditional on several factors, including shareholder approval of a waiver exempting NIU from making a mandatory takeover offer, UK Takeover Panel consent, publication of a simplified prospectus approved by the Financial Conduct Authority, and admission of the new shares to the Official List.
Proceeds will fund operations at the Molulu Project, geological programs and drilling costs, payment of historic creditors, and transaction expenses.
The retail offer opens today and is expected to close on July 23, with admission of the new shares anticipated on August 11. Allocation will follow soft pre-emption principles, with existing retail shareholders able to participate through their brokers.
The company stated in its press release that the fundraising is critical as it is in "imminent need of capital to continue to trade."
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