Critical Metals (LON: CRTM) has been readmitted to the standard list following the acquisition of 57% of Madini Occidental Ltd. The company also raised £1.8m in a placing at 20p a share.
Critical Metals floated as a shell in September 2020, when it raised £800,000 at 5p a share. Chief executive Russell Fryer was the main shareholder with a 38.4% stake. The strategy was to seek a reverse takeover in the natural resources development and production sector in Africa. The size of acquisition was expected to be between £500,000 and £3m.
The acquisition cost $750,000. Madini Occidental has an...
