Increased Strategic Stake in Macarthur Minerals

RNS Number : 6478N

Rare Earth Minerals PLC

27 October 2016

 

Rare Earth Minerals Plc

("Rare Earth Minerals" or "REM")

REM Increases Strategic Stake in Macarthur Minerals

London and New York listed Rare Earth Minerals Plc (AIM: REM, OTC: REMMY), is pleased to announce that it has exercised half of its warrants in Macarthur Minerals Limited ("Macarthur Minerals") to increases its shareholding from 11.69% to 16.56%.

REM has exercised 7,500,000 warrants for a total consideration of CD$375,000. REM was previously issued 15,000,000 warrants in Macarthur Minerals as part of a private placement in May 2016 at an exercise price of CAD$0.05 per common share. Shareholder approval was received at Macarthur Minerals Annual General Meeting on August 31, 2016, for the issue of shares for the exercise of those warrants. REM now has 7,500,000 warrants remaining to be exercised, which expire on May 8, 2017.

Board Appointment

To reflect the additional roles and responsibilities that Andrew Suckling has taken since his appointment to the board as the Non-Executive Chairman of REM the board has determined that it is appropriate the he be appointed at the Executive Chairman with immediate effect.

Andrew Suckling, Executive Chairman of REM, commented:

"Rare Earth Minerals sees its strength as financially supporting emerging lithium exploration companies with excellent growth potential, as we have done and continue to do so with both Bacanora Minerals Limited and European Metals Holdings Ltd. We see tremendous potential in Macarthur Minerals large lithium exploration portfolio in Western Australia and we are particularly encouraged by Macarthur's significant lithium results recently reported from their Lida Valley play in Nevada."

David Taplin, President, CEO & Director of Macarthur Minerals, commented:

"We are pleased with Rare Earth Minerals continued financial support of the Company as we move forward to develop our expanding lithium exploration presence in Australia and Nevada."

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

-Ends-

For further information, please contact:

Rare Earth Minerals plc                                                                      [phone]

Andrew Suckling

Kiran Morzaria

WH Ireland Limited (Nomad & Broker)                                          [phone]

James Joyce

James Bavister

Square1 Consulting                                                                             [phone]

David Bick

Brian Alexander

 

END

 

 

MSCBDBDGUBDBGLR