Critical Minerals Group raises $2.1 million for study

• Critical Minerals Group secured $2.1 million in funding via a share placement and share purchase plan.
• The new shares are priced at $0.06 each, representing a dedicated capital raise.
• Proceeds will fund feasibility studies for the Lindfield Vanadium Project and general working capital.

Critical Minerals Group (ASX:CMG) has secured firm commitments and launched a purchase plan to raise up to $2.1 million.

The capital raise combines an $1.3 million placement to sophisticated investors with an $800,000 share purchase plan for existing shareholders in Australia and New Zealand.

Cornerstone investor Idemitsu Lindfield committed up to $694,059 under the placement to maintain its percentage holding, subject to shareholder approval.

The company stated that the proceeds will fund Definitive Feasibility Study workstreams for the Lindfield Vanadium Project, including drilling and metallurgical testing.

As part of cost reduction initiatives, the company made its full-time CFO role redundant.

Following the announcement, the Critical Minerals Group share price was unchanged at $0.069.

The business appointed Gerhard Redelinghuys as a non-executive director effective Oct. 19.

The Queensland-focused explorer continues to advance its portfolio of critical mineral assets targeting the renewable energy transition.