Canadian Critical Minerals Inc. (TSXV: CCMI, OTCQB: RIINF) has announced the successful completion of the second and final tranche of its private placement, raising $162,785 through the issuance of 4,650,999 units. This offering is part of a broader fundraising initiative that has yielded total gross proceeds of $751,635, when combined with the first tranche, which involved the issuance of 21,475,285 units.
Each unit consists of one common share and one purchase warrant, enabling investors to acquire additional shares at a price of $0.05 per share for a duration of five years. This funding is expected to support the company’s operational goals, particularly the relaunch of the Bull River Mine project located near Cranbrook, British Columbia.
Details of the offering
The offering remains subject to final approval by the TSX Venture Exchange. In accordance with National Instrument 45-106, the units were made available to Canadian investors under the listed issuer financing exemption, as amended by Coordinated Blanket Order 45-935. This regulatory framework ensures that the common shares and warrants acquired by Canadian investors can be traded freely under current Canadian securities laws.
Finder’s fees and additional securities
As part of this second tranche closing, Canadian Critical Minerals has allocated $2,305 in finder’s fees and issued 65,870 finder’s warrants. Each warrant grants the holder the right to purchase one common share at a price of $0.05 for two years. However, these finder’s warrants, along with the underlying shares, will be subject to a hold period of four months and one day, in accordance with Canadian regulations.
The proceeds from this offering are earmarked for crucial activities, including completing the application process to reactivate the Bull River Mine project, as well as providing necessary working capital to enhance the company’s overall operational capabilities.
Company overview
Canadian Critical Minerals Inc. is primarily engaged in mining operations focused on copper production within Canada. The company’s flagship asset, the Bull River Mine project, boasts a mineral resource containing significant quantities of copper, gold, and silver, with estimates suggesting up to 150 million lbs of copper. Additionally, the company holds a 5.3% stake in XXIX Metal Corp., which manages the Thierry copper project located near Pickle Lake, Ontario, along with the Opemiska copper project near Chapais-Chibougamau, Quebec.
Future outlook and investment opportunities
The completion of the second tranche of the LIFE offering not only strengthens the financial position of Canadian Critical Minerals but also signifies a robust commitment to advancing its mining initiatives. The company is poised to tap into the growing demand for critical minerals, which are essential for various industries, including technology and renewable energy.
Investors are encouraged to stay informed about the company’s progress and potential investment opportunities. With a strategic focus on operational expansion and resource development, Canadian Critical Minerals is well-positioned to capitalize on the evolving landscape of the mining sector.