Critical Mineral Resources (LSE:CMRS) has secured a US$2.0 million (£1.51 million) strategic equity investment from Nebari Natural Resources AIV II, a fund managed by Nebari Partners.
The AIM-listed explorer is developing the Agadir Melloul copper-silver project in Morocco, where it is targeting near-surface, open-pit style deposits and working toward a maiden JORC Mineral Resource Estimate.
Nebari subscribed for 75.47 million new shares at 2.0p each, the company's 10-day average closing price on the date terms were agreed, 29 September.
The deal makes Nebari the company's second-largest shareholder with approximately 15.2% of the enlarged share capital, and grants it a right of first refusal to provide construction finance for Agadir Melloul and the company's other mine developments.
Nebari also receives one warrant per subscription share, split between exercise prices of 3.0p and 4.5p over four years, which could bring in a further £2.8 million if exercised in full.
The investor gains anti-dilution rights, a Board observer seat, a nomination to the technical committee, and has agreed not to transfer its shares for 12 months.
"Nebari is a specialist mining investor that backs projects and teams it believes can deliver," said Charles Long, chief executive of CMR, adding that the investment "strengthens our balance sheet as we approach our maiden Mineral Resource Estimate."
Roderik van Losenoord, senior managing director of Nebari, said the firm sees "the opportunity to back one of Morocco's next significant copper-silver developments" and expects to support CMR "from resource definition through to development."
Proceeds will fund resource definition, acquisitions, technical and development work at Agadir Melloul and general working capital.
The company separately issued 43.87 million shares to Gilini Holdings, the balance of conversion shares announced on 29 April and approved at its annual general meeting on 3 June, taking total issued share capital to 496.04 million shares.
Drilling at Agadir Melloul currently covers roughly 5% to 6% of the project's permit area, with the maiden JORC Mineral Resource Estimate, being prepared by Addison Mining Services, targeted for October.