Rare Earth Minerals Plc Invests in Macarthur Minerals

Macarthur Minerals (TSXV:MMS) announced that Rare Earth Minerals Plc (LSE:REM) has made a strategic investment in the company. Rare Earth Minerals has a number of strategic investments in lithium and rare earth element projects around the world.
As quoted in the press release:

Rare Earth Minerals has entered into a subscription agreement for 15,000,000 units (each, a “Unit”) at a price of CAD$0.02 per Unit (“Unit Price”) offered under the Company’s previously announced non- brokered private placement (the “Offering”) for aggregate gross proceeds of CAD$300,000. The Unit Price is equal to the closing price of the Company’s TSX Venture Exchange listed shares on February 3, 2016, the date the Company announced the Offering and to the Company’s closing price on March 16, 2016.
Each Unit shall be comprised of one common share in the capital of the Company (each, a “Common Share”) and one whole warrant to acquire a Common Share (each, a “Warrant”) at an exercise price of CAD$0.05 per Common Share for a period of twelve months from the date of issuance.
The Company has obtained approval from the TSX Venture Exchange to waive the CAD$0.05 minimum pricing requirement in accordance with TSX Venture Exchange bulletin dated April 7, 2014 “Discretionary Waivers of $0.05 Minimum Pricing Requirement“.
The closing of the Offering will occur after and subject to receipt of all necessary regulatory approvals including that of the TSX Venture Exchange and the approval by the Foreign Investment Review Board (“FIRB”) in Australia, if required.
The net proceeds from the Offering will be used for working capital and to further advance the development of lithium exploration licenses, which are under application, in the eastern Pilbara region of Western Australia. These licenses were applied for as a result of the desktop review carried out by CSA Global. The securities issued pursuant to the Offering will be subject to a statutory 4 month plus one day hold period from the date of issuance.
Upon closing of the Offering, Rare Earth Minerals will own approximately 15.5% of the Company’s issued and outstanding shares on an undiluted basis.

Click here for the full press release.