Allied Critical Metals completes $5.1 million private placement

Allied Critical Metals Inc. (CSE: ACM) (OTCQB: ACMIF) (FSE: 0VJ0) completed the final tranche of its non-brokered private placement, raising $605,040 by issuing 2,016,800 units at $0.30 per unit. The company raised total gross proceeds of $5,104,135.80 through the offering by issuing 17,013,786 units.

Each unit consists of one common share and one-half of a common share purchase warrant. The warrants allow holders to purchase additional shares at $0.40 per share for 24 months from the issuance date.

The Vancouver-based company plans to use proceeds for exploration and development activities at its Borralha Tungsten Project and Vila Verde Tungsten Project, along with working capital needs.

Allied paid finder's fees of $11,411.40 in cash and issued 9,338 finder's warrants for the final tranche. The finder's warrants are exercisable at $0.30 per unit for 24 months.

All securities issued are subject to a four-month hold period. The offering did not create new insiders or control persons for the company.

Allied Critical Metals operates tungsten projects in northern Portugal. The company owns the previously producing Borralha Tungsten Project and the Vila Verde Tungsten Project.

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