Quantum Rare Earth Announces $500,000 Financing
Quantum Rare Earth Developments Corp. (TSXV:QRE,OTCQX:QREDF,FWB:BR3) announced a non-brokered private placement consisting of up to 4,000,000 units at a price of $0.125 per Unit for gross proceeds of up to $500,000.
As quoted in the press release:
Each Unit will consist of one common share and one common share purchase warrant (a “Warrant”). Each Warrant shall be exercisable into one common share at a price of $0.25 per common share for a period of 24 months from the Closing Date. All securities issued pursuant to the private placement will be subject to resale restrictions expiring 4 months and one day following the close of the placement.