Stillwater Critical Minerals (TSX.V: PGE) announced last week it received a strategic equity investment by Glencore for exploration and development activities at the Stillwater’s North American nickel projects, as well as for working capital and general and administrative expenses.
Glencore has agreed to purchase 19,758,861 units of Stillwater at a price of $0.25 per unit for gross proceeds of $4.94 million, with each unit comprising one common share and 0.70 of a common share purchase warrant. Each full warrant shall entitle Glencore to purchase one common share at an exercise price of $0.375, providing up to approximately $5.2 million additional funding, if exercised in full.
Stillwater Critical Minerals President and CEO, Michael Rowley, stated, “We are very pleased to welcome Glencore, one of the top five largest mining companies in the world, as a major investor. This represents a major step forward for Stillwater as we advance our flagship Stillwater West project with the vision of becoming a large-scale source of battery and precious minerals that are now listed as critical in the US, and elsewhere.
