In recent times, there has been a lot of interest in the mining sector owing to the fluctuation in commodity prices and there are many companies that investors could consider tracking. One of those could well be Canadian Critical Minerals Inc (OTCQB:RIINF) (TSX.V:CCMI), which is currently focused on a pair of copper production assets in Canada.
RIINF stock closed up by 4.27% to $0.0381 with more than 205K shares traded hands, compared to its average volume of 63K shares.
The company’s primary asset is the Bull River Mine project near Cranbrook, which is owned in its entirety and boasts mineral resources containing silver, gold, and copper. Not too long ago Canadian Critical Minerals managed to complete the 100% acquisition of the Thierry Mine project located near Pickle Lake in Ontario. That asset has mineral resources containing nickel, silver, copper, gold, palladium, and platinum.
Earlier on in the month, the company was in the news on March 7 after it announced that it had been successful in eradicating its debts to the tune of $115,500 through the issuance of as many as 1,650,000 common shares. The common shares had been issued at a deemed price of $0.07 each.
The shares that had been issued by Canadian Critical Minerals as part of the transaction were going to be subject to a hold period of four months and a day. It was a significant development for the company and one that could have significant long-term benefits.
The company made another similar transaction back in February when it announced that it had gone into debt agreements for the purpose of extinguishing as much as $123,000 of its outstanding debts. In order to take care of those debts, Canadian Critical Minerals issued as many as $1,757,143 common shares at the deemed price of $0.07 each.
Those shares were issued to the creditors, who were revealed to be some related parties of the company. The shares were to be issued to the creditors after they were accepted by the TSX Venture Exchange.