Rare Earth Minerals Raises US$4.93 Million to Fund Lithium Acquisitions

Rare Earth Minerals Plc (LSE:REM) has raised gross proceeds of GBP3.55 million, or US$4.93 million in a placement to US institutional investors. Proceeds will be used to fund additional acquisitions in the lithium sector.
Rare Earth Minerals is currently partnered with Bacanora Minerals (TSXV:BCN) for its Sonora lithium project in Mexico.
As quoted in the press release:

In addition, each two New Shares has one warrant attached with the right to subscribe for one new ordinary share at a price of 0.8 pence per shares for a period of 2 years from 11 March 2016.

The proceeds of the fundraising will be used primarily to fund or increase our economic interest in our existing investments, all of which are anticipated to make significant progress during this calendar year. In addition, the Company is reviewing additional investments in the fast growing lithium sector.

The Company has applied for the admission of the New Shares to trading on AIM and such trading is expected to take place on or around 3 March 2016 (“Admission”). Following Admission, the Company’s issued share capital will consist of 7,461,273,165 Ordinary Shares with no Ordinary Shares held in treasury. Therefore the above figure of 7,461,273,165 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in Rare Earth Minerals under the FCA’s Disclosure and Transparency Rules.

Click here for the full press release.