Last checked at 28 Nov 2012 10:59
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 £402,000 in a placing to investors of 670 million new ordinary shares of 0.01p each in the Company at 0.06p 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 10 December 2012. 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 further develop the exploration model in Greenland and to assess new investment opportunities.
David Lenigas, Rare Earth Mineral's director, commented;
"There are a number of new investment opportunities in the rare earth space being considered by the Company and additional working capital is required to put the Company in the position to be considered for these opportunities."
For further information please contact:
Rare Earth Minerals plc | |
David Lenigas | +44 (0) 207 440 0647 |
Richard Griffiths | |
W.H. Ireland | |
James Joyce | +44 (0) 207 220 1666
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