28th Mar 2022 18:15
Cornish Metals Inc - Vancouver-based mineral exploration company with projects focused in the UK and North America - Launches offering to raise up to GBP40.5 million, which comprises of a GBP25 million strategic investment by Vision Blue Resources, and GBP15.5 million from a private placing of shares to UK investors, as well as a subscription by Canadian investors.
The company will offer units comprising one common share priced at 18p each, and a warrant for one share valued at 27p.
Proceeds from the offering will go towards advancing the South Crofty tin project in Cornwall, UK.
Work will involves dewatering of the mine, resource drilling, completion of a feasibility study and evaluation of further downstream beneficiation opportunities.
"Tin is essential to anything electronic, including electric vehicle components, computing, 5G, robotics, renewable power generation, and the electrification of the economy, making South Crofty a strategic asset with the ability to provide a secure, traceable, sustainable supply of this important metal," says Chief Executive Officer Richard Williams.
Current stock price: 25.00 pence, down 9.1%
12-month change: up sharply from 8.13p
By Dayo Laniyan; [email protected]
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