In change for a 36.45% curiosity in Tanbreez Mining Greenland, Important Metals issued 8.4 million shares to Rimbal Pty Ltd, the challenge’s proprietor. The shares traded at $9.97 apiece at market shut Tuesday, giving the corporate a market capitalization of $820 million.
This transaction completes the primary of a two-staged share issuance plan, and it builds on Important Metals’ beforehand introduced acquisition of an preliminary 5.55% stake in change for an funding of $5 million in Rimbal, bringing the corporate’s complete curiosity in Tanbreez to 42%.
“Tanbreez is a game-changing uncommon earth asset for the West, an evaluation supported by each our due diligence, together with our go to to the challenge final week, in addition to third-party evaluations,” Important Metals CEO Tony Sage mentioned in a information launch.
“By buying Tanbreez, we’re taking a key step in direction of positioning Important Metals as a dependable and long-term strategic provider of each mild and heavy uncommon earth components to satisfy the escalating demand for these supplies for expertise and protection purposes within the western world,” Sage added.
The corporate additionally owns the Wolfsburg challenge in Austria, which is ready to turn out to be the EU’s solely battery-grade lithium mine by 2027.