By Laura Lutz
Des Moines, Sept. 21 - Rare Element Resources Ltd. closed an oversubscribed private placement of units for C$1,000,021.
The company sold 1,666,698 units of one share and one half-share warrant for C$0.60 apiece. Each full warrant is exercisable at C$0.75 for 18 months.
The placement priced Aug. 31 with a total size of C$840,000.
Proceeds will be used for exploration at the company's rare-earth property in Bear Lodge, Wyo., and for potential acquisitions.
The deal was non-brokered.
Rare Element is a gold and rare-earth element exploration company based in Vancouver, B.C.
| Issuer: | Rare Element Resources Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1,000,021
|
| Units: | 1,666,698
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 31
|
| Settlement date: | Sept. 21
|
| Stock symbol: | TSX Venture: RES
|
| Stock price: | C$0.62 at close on Sept. 20
|
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