Issue of Equity

RNS Number : 0439G

Rare Earth Minerals PLC

05 May 2011

 

05 May 2011

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 £2.1 million in a placing to institutional investors of 300 million new ordinary shares of 0.01p each in the Company at 0.70p per share ("Placing Shares").

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 27 May 2011 . 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 for further near term investment opportunities and working capital.

David Lenigas, Rare Earth Mineral's director, commented;

"The Company is concluding its first rare earth elements deal in Canada and these funds will be used to seek further investments in the rare earth's space."

For further information please contact:

Rare Earth Minerals plc
David Lenigas	[phone]
Richard Griffiths
W.H. Ireland
James Joyce	[phone]

 

END

 

 

IOELLFESELIEIIL