TSX-V-listed Stillwater Critical Minerals has successfully completed C$3.89-million in a nonbrokered placement, surpassing expectations with a 55% oversubscription.
Commodities powerhouse Glencore spearheaded the placement, with a substantial $2.1-million order.
“We are very pleased with the strong interest from both new and existing shareholders who continue to recognise the strong potential of our flagship Stillwater West project in Montana,” commented president and CEO Michael Rowley.
He added that Stillwater’s vision of advancing a large-scale primary source of low-carbon nickel, cobalt, platinum-group elements, copper and other critical minerals in a famously productive US American district was strongly aligned with the US government’s stated mandate to secure domestic supplies of nine of the minerals hosted at Stillwater West.
The proceeds from the placement will be earmarked for exploration and development activities at Stillwater’s North American nickel projects, as well as for working capital and general and administrative expenses.