Stillwater Critical Minerals Completes Oversubscribed $3.89 Million Private Placement

Stillwater Critical Minerals, listed as TSX.V:PGE and other exchanges, recently announced the successful closure of a significantly oversubscribed private placement, totaling $3.89 million. This transaction saw a robust subscription by Glencore Canada Corporation, which acquired 15 million units, highlighting strong market confidence in Stillwater’s prospects.

The proceeds from the offering are earmarked for the exploration and development of Stillwater’s North American nickel projects among other needs. This financial boost is intended to support Stillwater’s vision of providing a large-scale, low-carbon source of critical minerals crucial for the US infrastructure and technological industries.

The placement not only strengthens Stillwater’s financial position but also solidifies Glencore’s influence within the company. By closing this offering, Glencore’s stake could increase up to 22.72% upon exercising their additional warrants. Furthermore, an amended investor rights agreement with Glencore now permits them increased board representation, depending on their shareholding percentage.

This strategic financial maneuver underscores Stillwater’s ongoing commitment to advancing its resource base while being aligned with U.S. governmental objectives on securing critical mineral supplies domestically.