Placement of Equity

RNS Number : 3409M

Rare Earth Minerals PLC

23 August 2013

 



22 August 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 £750,000 in a placing to investors of 150,000,000 new ordinary shares of 0.01p each in the capital of the Company ("Shares") at a placing price of 0.5 pence per Share (the "Placing Shares") together with a  warrant for every two Placing Shares subscribed, each warrant entitling the holder to subscribe for one Share at a price of 0.5 pence per Share before 31 August 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 a further announcement of the issue of the Placing Shares and their date of admission to AIM, which is expected by 6 September 2013. The Placing Shares will rank pari passu in all respects with the Company's existing ordinary shares.

The funds raised will be used by the Company to exercise its option to acquire a further 20% holding in the Fleur-El Sauz project, increasing its interest from 10% to 30% once the maiden resource statement, which is expected imminently, is published.

For further information please contact:

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

 

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