Rapid Critical Metals Limited (ASX: RCM/RCMO) has announced the successful completion of a placement to raise A$14 million. Rapid Critical Metals is focused on silver exploration in NSW and also holds Canadian Germanium-Gallium projects in British Columbia, Canada. The placement, priced at A$0.035 per share, attracted significant cornerstone support from new high-quality institutional and professional investors, including renowned global investor Eric Sprott, Jupiter Asset Management, and Tribeca Investment Partners, who collectively received allocations of A$10.5 million. Existing institutional shareholders and directors also strongly supported the placement, with directors participating for A$200,000, subject to shareholder approval.
The placement is structured in two tranches. Tranche 1 aims to raise approximately A$5.6 million through the issue of approximately 159.7 million new shares, utilising the company’s available placement capacity under Listing Rules 7.1 and 7.1A. Tranche 2 intends to raise approximately A$8.4 million via the issue of approximately 240.3 million new shares, subject to shareholder approval at an Extraordinary General Meeting (EGM) expected to be held in early November 2025.
The proceeds from the placement, along with existing cash reserves, will primarily fund the acquisition of the Webbs Consol Project from Lode Resources Limited (ASX: LDR). The funds will also be used to settle US$379,500 of Facility Notes to 1000433639 Ontario Inc., support exploration on the company’s NSW silver and Canadian projects, and for general working capital purposes. The company aims to become Australia’s next high-grade silver mine and now boasts a strong institutional shareholder base with long-term supportive shareholders.
Byron Miles, Rapid’s Managing Director, expressed his satisfaction with the strong interest in the placement, stating that the participation of investors like Eric Sprott, Jupiter Asset Management, and Tribeca Investment Partners validates the company’s NSW silver exploration strategy. He added that Rapid is now well-capitalised and will diligently use the funds to complete the Webbs Consol acquisition and develop a thorough exploration program across its NSW and Canadian projects.
