Critical Metals Corp (NASDAQ: CRML) has signed a definitive agreement for a US$35M Private Investment in Public Equity (PIPE) financing with New Fundamental Investment Ltd, a Hong Kong-based institutional investor.
Under the terms, the investor will purchase convertible preferred shares with an initial conversion price of US$10.00 per share, representing a premium to the current market price. Proceeds are earmarked to advance development of the company’s Tanbreez Rare Earth Project in Greenland and for general corporate purposes.
Tony Sage, CEO of Critical Metals commented, “This agreement with New Fundamental is a strong endorsement of the Tanbreez Rare Earth Project and our long-term strategy to establish Critical Metals as a leading Western supplier of rare-earth materials. With this investment, we are now well-positioned to accelerate permitting and early development activities.”
The transaction is expected to close later this quarter, subject to customary regulatory approvals.
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