Allied Critical Metals closes $15M second tranche with Tribeca as investor

Allied Critical Metals Inc. (CSE: ACM, OTCQB: ACMIF, FSE: 0VJ0) has closed the second tranche of a U.S.$25 million private placement, raising U.S.$15 million from Tribeca Investment Partners, according to a company statement.

The second tranche consisted of 10,317,073 common shares issued at C$2.05 per share. The shares are subject to a four-month-and-one-day hold period under applicable securities laws and Canadian Securities Exchange policies.

Allied Critical Metals said proceeds will be directed toward development of its Vila Verde pilot project, exploration and development activities at its Borralha Tungsten Project in Portugal, and general working capital.

Tribeca Investment Partners, described as an Asia Pacific-based investment and advisory firm, becomes a strategic investor through the transaction. Ben Cleary, Portfolio Manager for the Tribeca Global Natural Resources Fund, said in the statement that the firm views the Borralha and Vila Verde properties as assets with potential for near-term tungsten concentrate production.

Allied Critical Metals paid Clarus Securities Inc. a finder's fee comprising a 5% cash commission on gross proceeds and broker warrants equal to 5% of shares issued, exercisable at C$2.05 per share for 24 months.

The company focuses on the Borralha Tungsten Project and Vila Verde Tungsten Project, both located in northern Portugal.

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