2023-06-23 08:02:50 ET
- Stillwater Critical Minerals ( TSXV: PGE:CA ) ( OTCQB:PGEZF ) said on Friday that it is set to launch a $4.94M non-brokered private placement financing involving a sale of 19.76M units.
- The company has agreed on a strategic equity investment by Glencore Canada, a unit of Glencore.
- Glencore has agreed to purchase the units of Stillwater at $0.25 per unit.
- Each unit comprises of one share and 0.70 of share purchase warrant. Each warrant entitles Glencore to purchase one share at $0.375, providing up to ~$5.2M additional funding.
- The proceeds are intended to be used for exploration and development activities at the company's North American nickel projects, as well as for working capital and general and administrative expenses.
- Glencore, which does not currently own or control any securities of the company, will have 9.99% ownership of the Stillwater's outstanding shares, and 15.87% of the outstanding shares on a partially diluted basis.
- The private placement is expected to close upon acceptance by the TSX Venture Exchange.
- Source: Press Release
For further details see:
Stillwater Critical Minerals to launch $4.94M private placement of units