Brazilian Critical Minerals (ASX:BCM) is raising roughly AU$3.5 million through a share placement and rights issue, according to a Thursday filing with the Australian bourse.
The placement is for 50 million new fully paid ordinary shares issued at AU$0.01 apiece, for gross proceeds of AU$500,000. Meanwhile, the one-for-three pro-rata non-renounceable rights issue seeks to raise AU$2.9 million at the same issue price.
Funds will be used for the Ema rare earths project in Brazil, business development, costs of the offer, and general working capital, the mineral explorer said.
Brazilian Critical Minerals' shares were down more than 15% in recent Thursday trade, hitting a new 52-week low.
Price (AUD): $0.01, Change: $-0.0020, Percent Change: -15.38%
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