By Christian Moess Laursen
Critical Metals said it has signed a $3 million debt facility from an unnamed international financial institution to accelerate mining operations, increase production and continue negotiations with possible copper ore buyers.
The mining investment company said Monday that the debt facility, which is non-dilutive, has a term for nine months for the first installment of $500,000.
The company said Chief Executive Russell Fryer has provided a personal guarantee for the facility via an equity pledge of his shareholding to keep dilution down to a minimum.
“We are at a pivotal stage of the company’s development as we look to accelerate growth by optimizing operations, whilst looking at other opportunities to maximize shareholder value,” Fryer said.
“The loan provides the company with the necessary funds to accelerate growth,” he added.
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