CRML Stock Jumps Following $50 Million PIPE Deal To Develop Tanbreez Rare Earth Project

The company stated that the proceeds are earmarked for the development of its 4.7 billion metric ton Tanbreez rare earth deposit in Greenland.

Shares of Critical Metals (CRML) popped more than 16% in pre-market trade on Thursday after the company announced $50 million in private investment via public equity. 

The jump in the stock price follows a 24% drop in the previous session. It was among the top trending tickers on Stocktwits on Thursday morning at the time of writing. Retail sentiment around CRML’s stock on the platform surged higher within ‘extremely bullish’ territory, accompanied by ‘high’ levels of chatter over the past day.

Platform data shows the number of retail traders following the stock increased by more than 2% and message volumes rose more than 9% in the last 24 hours, as of Thursday morning. 

According to the company, the PIPE transaction was completed with a fundamental institutional investor, raising gross proceeds of $50 million through the issuance of 1.47 million ordinary shares and pre-funded warrants for approximately 1.56 million additional shares. 

“The proceeds will support our development efforts at Tanbreez, which is expected to help address the growing demand for heavy rare earths in the West,” said CEO and Chairman of Critical Metals, Tony Sage, referring to the company’s 4.7 billion metric ton Tanbreez rare earth deposit in Greenland.

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