Stillwater Critical Minerals Announces Private Placement with $2.1M Lead Order from Glencore

VANCOUVER, BC / ACCESSWIRE / March 28, 2024 / Stillwater Critical Minerals (TSX.V:PGE)(OTCQB:PGEZF)(FSE:5D32) (the "Company" or "Stillwater") is pleased to announce that is has commenced a non-brokered private placement offering of up to 17,857,143 units of the Company, at a price of $0.14 per unit, for gross proceeds of up to approximately $2.5 million (the "Placement").

Glencore Canada Corporation ("Glencore"), a wholly-owned subsidiary of Glencore plc, has agreed to purchase 15 million units of Stillwater pursuant to the Placement, for gross proceeds of $2.1 million.

Each unit under the Placement is comprised of one common share and one half of one common share purchase warrant, with each full warrant entitling the holder to purchase one common share at an exercise price of $0.21, providing up to approximately $1.875 million additional funding, if exercised in full. The warrants shall be exercisable for three years from the date of issue.

Stillwater President and CEO, Michael Rowley, stated, "We are pleased to have Glencore's continued support through their participation in this placement as we advance our flagship Stillwater West project as a large-scale source of nine metals that are now listed as critical in the USA. With the largest nickel resource in an active US mining district, and high co-product values of copper, cobalt, palladium, platinum, rhodium and gold, we are uniquely positioned to play a key role in the US government's stated objective of building domestic supply chains of these essential commodities."

Net proceeds of the Placement are intended to be used for exploration and development activities at the Company's North American nickel projects, as well as for working capital.

The Placement is expected to close, subject to customary conditions, upon acceptance by the TSX Venture Exchange. All securities issued pursuant to the Placement will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.

The Company expects that certain insiders of the Company may subscribe for units under the Placement, however, the exact value of such subscriptions has not yet been determined. The issuances of any units to insiders will be considered related party transactions within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company intends to rely on exemptions from the formal valuation and minority approval requirements in MI 61-101 in respect of any such insider participation, as neither the fair market value of the securities to be issued, nor the fair market value of the consideration for the securities to be issued, insofar as it involves such insiders, will exceed 25% of the Company's market capitalization as calculated in accordance with MI 61-101.This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of Stillwater Critical Minerals have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

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