US Rare Earths Closes $4M Private Placement

US Rare Earths (OTCBB:UREE) said today it closed a $4 million private placement consisting of 1,977,500 shares of common stock. Proceeds will be used for exploration, design and engineering work relating to mines in Colorado, Idaho and Montana.

As quoted in the press release:

“I am very pleased to announce the successful financing of the Company in a non-dilutive manner. The shares issued in the financing are as a result of the terms disclosed in the company’s 8K filing of July 2, 2013. The funds allow us to not only continue, but also expand our development of the Company’s premier properties in Colorado, Idaho and Montana, including our Phase I drilling and exploration of the Lemhi Pass. Our primary focus remains on creating American independence and sustainability as it pertains to the supply of Critical Rare Earth Elements,” said U.S. Rare Earths Chairman, Victor Lattimore.

Click here for the full press release by US Rare Earths (OTCBB:UREE)