Texas Rare Earth Resources Closes $659,500 Private Placement

Texas Rare Earth Resources (OTCQX:TRER) closed a private placement for gross proceeds of $659,500. Proceeds will be used for working capital and to advance the company’s Round Top project.
As quoted in the press release:

The private placement included significant participation from existing institutional shareholders. No fees or commissions were paid in connection with the placement. The Company intends to use the net proceeds of the private placement for working capital to advance the Company’s Round Top Project through continued metallurgical research and development, including fulfilling the Company’s Department of Defense DLA Contract.
The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any applicable state securities laws and may not be offered or sold in the United States absent registration under the Securities Act and any applicable state securities laws or an applicable exemption from such registration requirements. Texas Rare Earth Resources has agreed to file a registration statement with the Securities and Exchange Commission covering the resale of the common stock as well as the common stock underlying the warrants sold in the private placement.

Click here for the full press release.