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ASX-listed Critical Resources will raise A$6.7-million under the flow-through shares provision under the Canadian tax law to advance drilling at the Mavis Lake project, in Ontario.

The company has received firm commitments for the placement of more than 84.3-million shares, at a price of C$0.71, or A$0.08, a share, representing a 45% premium to Critical Resources’ last closing price.

“This capital raise fully funds Critical Resource’s Canadian drilling plans for 2023, where we intend to drill out some 20 000 m at Mavis Lake. We are focusing our efforts on advancing the Mavis Lake project, where we have seen exceptional results since the maiden drilling programme began in April this year,” said MD Alex Cheeseman.

“With the maiden Joint Ore Reserves Committee-compliant resource expected in the first quarter of 2023, and with the company now fully funded for the 2023 Mavis Lake drilling programme, we can confidently accelerate our programme through the introduction of additional drill rigs and continue to advance our studies in parallel.”