Overview of capital raising completion

Critical Resources Limited (ASX:CRR) has successfully completed its capital raising, generating $1,100,000 (before costs) through the issuance of 183,333,333 new fully paid ordinary shares with 83,666,666 attaching options. The Placement, announced on 14 August 2024, was executed in two tranches, with the second tranche of 16,666,667 shares and attaching 8,333,334 options to Directors, raising $100,000 (before costs). An additional 8,000,000 tranche 2 Placement Options will be issued subject to shareholder approval at a general meeting of shareholders scheduled for 25 October 2024. The funds raised will be allocated towards advancing the Company's Mavis Lake exploration programs, including supporting a maiden drilling program at the Company's Northern Prospects, and general working capital. A cleansing notice has been lodged in conjunction with this announcement, and it has been approved for release by the Board of Directors.

Executive commentary on capital raising completion

The completion of the capital raising marks a significant milestone for Critical Resources as it provides the necessary financial support to advance our exploration programs, particularly at the Mavis Lake Lithium Project in Ontario, Canada. The funds will enable us to conduct a maiden drilling program at our Northern Prospects and bolster our general working capital. We are committed to delivering on our strategic objectives and maximizing the potential of our lithium projects in line with the increasing demand for battery materials in North America.

Summary of capital raising and future plans

Critical Resources Limited (ASX:CRR) has successfully concluded its capital raising, securing $1,100,000 to further its exploration and development initiatives, primarily focused on the Mavis Lake Lithium Project in Ontario, Canada. The Company's ongoing efforts to expand the Inferred Mineral Resource and make new discoveries in the surrounding area are expected to benefit from the raised funds. Additionally, the upcoming general meeting of shareholders on 25 October 2024 will determine the issuance of an additional 8,000,000 tranche 2 Placement Options. Critical Resources remains dedicated to advancing its dual-track strategy at Mavis Lake, emphasizing resource growth alongside permitting and project development workstreams. The completion of the capital raising underscores the Company's commitment to realizing its objectives and contributing to the burgeoning North American battery materials supply chain.