Critical Minerals Group (ASX: CMG) today announced it will raise $1.7m through a placement at $0.15 per share.
Critical Minerals Group is a 100% owner of the Lindfield Vanadium Exploration Project, Figtree Creek Project, Lorena Surrounds Project, Whinmoor Project, Lara Downs Project Application and the Lindfield North Project Application. The flagship tenement, the Lindfield Vanadium and HPA project covers 295km² in the Julia Creek area of northwestern Queensland, Australia. The tenement lies within the vast Toolebuc Formation, a sedimentary unit covering a large area of Queensland. This formation is recognised as one of the largest vanadium deposits in the world.
The proceeds of the Placement will be applied to advance the Company’s strategy to produce electrolyte for vanadium batteries, by developing the Lindfield Vanadium Project to deliver a secure supply of Vanadium Pentoxide through:
• The commencement of a Pre-Feasibility Study (PFS); and
• The initiation of a Definitive Feasibility Study (DFS), inclusive of Pilot Plant processing operations and comprehensive environmental studies.
Chief Executive Officer, Scott Winter said,
“We are pleased to welcome our new shareholders and thank our existing investors for their support as we continue to advance our strategy through developing our projects. Following the positive results of our Scoping Study1, we are excited to progress the feasibility studies as we work towards our strategy to manufacture vanadium electrolyte for batteries using vanadium pentoxide from the Lindfield Vanadium Project production and become a leading Australian participant in the long-duration energy storage space.”
For more information on Critical Minerals Group, please visit the website here
