Equity Placement

RNS Number : 4143Z

Rare Earth Minerals PLC

06 March 2013

 



6 March 2013 

Rare Earth Minerals plc

("The Company")

Equity Placement

Rare Earth Minerals plc (AIM: REM) the rare earth minerals and metals projects investment company is pleased to announce that it has raised gross proceeds of £400,000 in a placing to investors of 666,666,667 new ordinary shares of 0.01p each in the Company at 0.06p per share ("Placing Shares") together with a 0.5 warrant for each Placing Share subscribed, each warrant entitling the holder to subscribe for one ordinary share in the Company at 0.06p per share before 30 June 2014.

The Company has received legally binding acceptances in respect of the Placing Shares. Once all the funds have been cleared the placing will be completed and the Company will make an announcement of the issue of the Placing Shares and their date of admission to AIM which is expected by 13 March 2013. The Placing Shares will rank pari passu in all respects with the Company's existing ordinary shares in issue.

The funds raised will be used to pay for drilling and exploration commitments on the El Sauz and Fleur Lithium/Rare Earth licences as per the MOU with Bacanora Minerals as announced on 14 February 2013.

For further information please contact:

Rare Earth Minerals plc
David Lenigas	[phone]
Richard Griffiths
W.H. Ireland
James Joyce	[phone]
Nick Field
Pelham Bell Pottinger
James MacFarlane	[phone]
Marcin Zydowicz

 

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