FULL DISCLOSURE: The Deep Dive is long the equity of Steadright Critical Minerals.
Steadright Critical Minerals (CSE: SCM) has begun work on a preliminary economic assessment for their new TitanBeach Titanium Sands Project in Morocco. The study is being undertaken as part of a strategy to quickly advance the development of the project.
“We have been hard at it on this fantastic opportunity since the signing of the LOI. The commencement of the PEA brings us one step closer to our goal. Sand mining operations are well-known and quite successful money-making businesses throughout the world,” commented Steadright CEO Matt Lewis.
The company has retained ABG Exploration of Quebec to lead the study, while also retaining Al Mokhtabar Sarl, a Moroccan geological firm, to provide geological services.
Mineral samples collected from the TitanBeach project have already been sent to labs in both Morocco and Quebec, which will be used in the completion of the study. Steadright has indicated they are conducting the PEA as a means of evaluating the initial viability of the project.
READ: Steadright Enters Into Letter Of Intent For Acquisition Of TitanBeach Titanium Project
At the same time, Steadright indicated they are conducting a funding round for gross proceeds of $970,000. The funding will see a hard dollar financing raise gross proceeds of up to $800,000 via the sale of 11.4 million units at a price of $0.07 per each, alongside a flow through round that will raise gross proceeds of up to $170,000 through the sale of 1.7 million units at a price of $0.10 per each.
Hard dollar units are to consist of one common share and one warrant. Warrants offered under the hard dollar financing contain an exercise price of $0.11 per share and are valid for a period of two years from the date of issuance. Flow through units meanwhile consist of one flow through share and half of a common share purchase warrant. Warrants offered under the flow through financing contain an exercise price of $0.15 per share, and are valid for a period of 24 months from the date of issuance.
Steadright Critical Minerals last traded at $0.07 on the CSE.
FULL DISCLOSURE: Steadright Critical Minerals is a long investment of Canacom Group, the parent company of The Deep Dive. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
