BUZZ-Critical Metals falls after $22.5 million PIPE financing

Shares of development-stage mining company Critical Metals CRML.O fall 34.7% to $5.7; company announces $22.5 million in private placement of shares

CRML said it would sell ~4.5 million ordinary shares and warrants at $5 to buy shares at an amount equivalent to $7 in a PIPE (private investment in public equity)

"Funds raised through the PIPE will support our efforts in developing both Tanbreez, a game-changing rare earth asset in Greenland, and our Wolfsberg Lithium Project, the first fully permitted lithium mine in Europe" - CEO Tony Sage

Tanbreez aims to mine 500,000 metric tons annually of the crimson rare earths-containing mineral eudialyte as soon as 2026

Critical Metals has ~90.71 million shares outstanding and ~24.3 mln shares of public float, according to data compiled by LSEG

CRML down 8.1% YTD