Critical Metals Issues 14.5M Shares to Secure 92.5% Ownership of Tanbreez Rare Earth Deposit
CRML has more than doubled off its 52-week low of $1.291.
Summary
Critical Metals Corp. (CRML) has completed the acquisition of the final 50.5% interest in Tanbreez Mining Greenland A/S, bringing its total ownership to 92.5%. This strategic move involved the issuance of 14,500,000 ordinary shares. The company now holds near-total control over Tanbreez, described as one of the world's largest known deposits of heavy rare earth elements, crucial for defense and clean energy. This closing follows CRML's recent announcement of a non-binding letter of intent to acquire European Lithium Ltd., which holds the remaining 7.5% of Tanbreez, indicating a clear path to full ownership. While the consolidation of this flagship asset is a significant positive, the issuance of 14.5 million shares represents material dilution for existing shareholders. Traders will monitor the company's progress in advancing Tanbreez to production and the finalization of the European Lithium acquisition.
At the time of this announcement, CRML was trading at $11.57 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $1.29 to $32.15. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: GlobeNewswire.