Metals explorer conducting non-brokered offering to fund exploration
By Devika Patel
Knoxville, Tenn., Nov. 10 - Rare Earth Metals Inc. said it settled the first tranche of a non-brokered private placement of units. The deal priced for C$2 million on Oct. 27.
The company is selling 4,347,826 units of one common share and one half-share warrant at C$0.46 per unit. It sold 3,840,448 units in the initial tranche for C$1.77 million.
Each whole warrant will be exercisable at C$0.60 for one year. The strike price reflects a 42.86% premium to the Oct. 26 closing share price of C$0.42.
Proceeds will be used for exploration.
Rare Earth Metals is a metals explorer in Thunder Bay, Ont.
| Issuer: | Rare Earth Metals Inc.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$2 million
|
| Units: | 4,347,826
|
| Price: | C$0.46
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 27
|
| Settlement date: | Nov. 10 (for C$1,766,606)
|
| Stock symbol: | TSX Venture: RA
|
| Stock price: | C$0.42 at close Oct. 26
|
| Market capitalization: | C$26.49 million
|
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