Rabat – The exploration and development company Critical Mineral Resources PLC (CMR) has announced raising approximately £0.25 million ($39,000) for its mining operations in Morocco.
CMR disclosed that the funds were raised through the placing of both new ordinary shares and treasury shares, the company said in a press release, adding that it will use the funds to advance its operations in Morocco, particularly the Ifri Project in the Anti-Atlas region, which has shown promising initial results.
According to CMR’s geological team, the Ifri site exhibits significant mineralization, including copper, silver, and gold. Initial channel sampling at Ifri returned assays of 3.1% copper and 17 grams per tonne of silver.
In its statement, CMR revealed that it has been in talks with a prominent global commodity trading group to explore the possibility of partnering to source and supply certain minerals for the global supply chain.
The recent fundraising follows CMR’s acquisition of 26 exploration permits in central Morocco earlier this year. The acquisition included permits prospective for copper, antimony, tungsten, lead-zinc, and gold.
Commenting on the news of raising the funds, Charlie Long, Chief Executive Officer of CMR, expressed gratitude to existing shareholders for their support and welcomed new shareholders to the company’s register.
He emphasized that the net proceeds from the fundraising would accelerate CMR’s ongoing efforts to capitalize on the abundant opportunities in Morocco’s mining sector.
“As a specialist Moroccan exploration and development company, we remain focused on developing projects and opportunities that offer the prospect for meaningful production of critical commodities and near-term cash generation,” Long said.
He added that his company is pleased with its recent progress in Morocco and is “confident the fundraise will further enhance our Moroccan momentum.”
The statement noted that the fundraising activity also saw KM Securities, in which CMR non-executive director Russell Thomson holds a 50% stake, acquire 2,000,000 ordinary shares in the company.
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