Critical Metals PLC on Monday said it has raised £215,000 via a placing of 2.3 million shares at 9.5 pence per share.

Shares in Critical Metals fell 14% to 9.84 pence each on Monday afternoon in London.

The Africa-focused mining investor said it will use part of the placing proceeds to invest in the public road from its Molulu project.

The firm said the road upgrade is intended to ensure reliable ore delivery at its expected volumes, adding that the improvements will also benefit the communities surrounding Molulu.

Critical Metals said it will improve grading, ground compacting and rainwater drainage. It has appointed a road contractor and expects these improvements to be completed within a 45-day period. Work is set to commence in January.

Critical Metals also noted that its diamond drilling programme at Molulu is set to be extended into phase two and three in the first quarter. The firm intends to use part of the placing proceeds to advance this drilling campaign.

The placing shares are expected to be admitted to trading on Friday, January 12.

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