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DeepRock Minerals ( (TSE:ACM) ) has provided an update.
Allied Critical Metals Inc. has successfully closed a $16.25 million non-brokered private placement offering, issuing over 27 million common shares. The proceeds will fund exploration and development activities at the Borralha and Vila Verde Tungsten Projects, with plans for mineral resource estimates and economic assessments. This financing positions the company to advance its projects and potentially enhance its market position in the tungsten industry. Additionally, Allied has engaged Precious Metals Investments Ltd. for investor relations services and granted stock options and restricted share units to its team, aligning with its strategic growth objectives.
More about DeepRock Minerals
Allied Critical Metals Inc. is a Canadian-based mining company focused on expanding and revitalizing its 100% owned Borralha Tungsten Project and Vila Verde Tungsten Project in northern Portugal. Tungsten is a critical metal, with China, Russia, and North Korea controlling a significant portion of the global supply. The tungsten market is valued at approximately USD $5 to $6 billion and is used in various industries, including defense.
Average Trading Volume: 285,309
Technical Sentiment Signal: Buy
Current Market Cap: C$1.98M
See more insights into ACM stock on TipRanks’ Stock Analysis page.