Source: Streetwise Reports 04/23/2024
Stillwater Critical Minerals Corp. (OTC: PGEZF) is upsizing by more than 50% a private placement that also features a lead order from major Glencore Canada Corp. Find out how the market for one of its target metals, copper, is heating up.
Stillwater Critical Minerals Corp. announced it is upsizing by more than half a private placement that also features a lead order from major Glencore Canada Corp. due to strong investor demand.
The non-brokered private placement has been increased to 27.5 million units for gross proceeds of CA$3.85 million from the previously announced 17,857,143 units for gross proceeds of CA$2.5 million, a rise of 54%.
Glencore Canada, a wholly owned subsidiary of Glencore International PLC (OTC: GLCNF), has agreed to increase their current position by buying a further 15 million units of Stillwater stock for proceeds of CA$2.1 million. Glencore announced a 9.99% strategic equity investment in Stillwater in 2023.
According to the company, its 100%-owned flagship project, Stillwater West in Montana, is in "one of the world's largest and highest-grade PGE-Ni-Cu regions adjacent to high-grade Sibanye-Stillwater's PGE Mines with over 14 Moz (million ounces) past Pd+Pt (palladium and platinum) production."
The latest private offering is expected to close on or about April 26 and is subject to customary conditions, such as acceptance by the TSX Venture Exchange.
Stillwater is a mineral exploration company focused on the Stillwater West critical minerals project.
A 2023 mineral resource estimate expanded the project's inaugural resource by 62%, the company said, and defined 1.6 billion pounds of nickel, copper and cobalt and 3.8 Moz (million ounces) palladium, platinum, rhodium, and gold in a constrained model totaling 255 million tonnes (Mt) at an average grade of 0.39% total estimated recovered nickel equivalent (or 1.19 grams per tonne palladium equivalent or Pd Eq).
The selective mining high-grade component yielded 11.6 Mt at 1.05% total nickel equivalent (or 3.24 grams per tonne total Pd Eq) as 0.56% nickel (Ni), 0.33% copper (Cu), ...