Rare Earth Metals Announces Private Placement Financing Increase to $2.8 Million and Closing
(firmenpresse) - VANCOUVER, BRITSH COLUMBIA -- (Marketwire) -- 10/01/12 -- Rare Earth Metals Inc. ("Rare Earth Metals", "RA" or the "Company") (TSX VENTURE: RA)(PINKSHEETS: RAREF)(OTCQX: RAREF) is pleased to announce that it has received approval from the TSX-Venture Exchange (the "TSX.V") for an increase to $2.8 million of it its non-brokered private placement previously announced September 7, 2012 (the "Private Placement"). With the increase the Company has issued 2,000,000 units to Pinetree Resource Partnership at a price of $0.05 per unit bringing gross proceeds for the financing to $2.8 million. Each unit (a "Unit") under the Private Placement consists of one common share and one half of one common share purchase warrant. Each full common share purchase warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.10 for a period of 24 months following the closings of the Private Placement. The Units are subject to a 4 month hold period.
The Company has now completed the financing of $2.8 million of which $900,000 is held in trust in respect to 18,000,000 Units issued to one placee pending completion of TSX-V requirements resulting from the placee becoming an insider of the Company.
The proceeds of the private placements will be used by the Company primarily to develop its vertical integration strategy for the rare earth supply chain through its strategic alliance with CEC Rare Earth Corporation. The Company will also use the funds to investigate general opportunities within the rare earth business sector, and to assess currently held and potential additional properties for the vertical integration strategy and for general corporate purposes.
About Rare Earth Metals Inc.
Rare Earth Metals has recently entered into a strategic advisory agreement with CEC Rare Earth Corp. ("REC") to assist the Company in developing a vertically integrated business within the global rare earth industry. The relationship with REC provides the Company with access to REC's experienced personnel as well as its business model which includes the full spectrum of the rare earth industry including the designing, building and establishment of operations for rare earth refineries outside of China as well as the ongoing sales and marketing of refined rare earths. In addition to its relationship to REC the Company presently has several rare earth properties including two advanced projects in Ontario and Newfoundland and Labrador, both exhibiting multi element potential (REEs, Niobium, Beryllium, Zirconium and Iron Ore) and proximity to available infrastructure. Additional information concerning the Company is contained in documents filed by the Company with securities regulators, available under the Company's profile at . For more information, please visit the Rare Earth Metals web site at .
ON BEHALF OF THE BOARD OF DIRECTORS OF RARE EARTH METALS INC.:
Gordon J. Fretwell, Corporate Secretary
For more information on the Company, Investors should review the Company's filings that are available at .
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Contacts:
Rare Earth Metals Inc.
Tracy A. Moore
CEO & President
(604) 685-5535
Rare Earth Metals Inc.
Michael Stares
Director
(807) 623-6840
Corporate Communications:
Rare Earth Metals Inc.
Matt Witiluk, C.A.
(807) 623-6840
(807) 623-9526 (FAX)
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Unternehmensinformation / Kurzprofil:
Datum: 01.10.2012 - 19:09 Uhr
Sprache: Deutsch
News-ID 188442
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITSH COLUMBIA
Kategorie:
Mining & Metals
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