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(Wallace Refiners) – Cornish Metals (TSX-V:CUSN) announced yesterday it raised up to £40.5 million (US$53.5 million) through a £25 million strategic investment by Sir Mick Davis’ Vision Blue Resources.
Funds will be used for Cornish’s South Crofty tin project—a fully permitted, former producing high-grade underground tin mine, located in Cornwall, UK
There was also placement of up to £15.5 million (US$20.3 million).
Richard Williams, CEO of Cornish Metals, said the deal was transformational.
“This announcement marks a transformational moment for the Company, its shareholders and all stakeholders in relation to the redevelopment of South Crofty, the Company’s principal asset. It is testament to the quality of both the project and the Company that an investor of the calibre of Vision Blue Resources is proposing such a significant investment, and we are delighted to welcome them as a major strategic shareholder,” said Williams.
“Tin is essential to anything electronic, including electric vehicle (EV) components, computing, 5G, robotics, renewable power generation, and the electrification of the economy, making South Crofty a strategic asset with the ability to provide a secure, traceable, sustainable supply of this important metal.”
Cornish traded down 8.7% to 42 cents a share.
Davis is former chief executive of Xstrata.
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