Australia's Power Minerals rises on investment from Critical Metals Corp
CRML•Power Minerals shares rose as much as 14.3% to A$0.16 after securing a A$5 million strategic investment from Critical Metals Corp through its Australian unit, European Lithium.
1. Strategic investment
Critical Metals Corp will invest A$5 million ($3.51 million) in Power Minerals through a placement at A$0.14 per share. The Critical Metals-European Lithium group is expected to become a cornerstone shareholder with about an 8% stake, providing strategic exposure to Power Minerals’ Morro do Ferro rare earths discovery in Brazil.
2. Share trading
Power Minerals shares changed hands as high as A$0.16, their highest level since October 22. About 3.5 million shares traded, 1.4 times the 30-day average; the stock was up 69.6% this year, including the day’s move.
