By Devika Patel
Knoxville, Tenn., July 23 - Rare Element Resources Ltd. said it has completed a C$1.8 million private placement of units. The deal priced July 17.
The company sold 1.2 million units of one common share and one half-share warrant at C$1.50 apiece. Each whole warrant will be exercisable at C$2.10 for 18 months.
Proceeds will be used to provide working capital for the rare earths exploration program, for exploration and to help ensure that Rare Element continues to be in a strong financial position.
Rare Element is a resource exploration company based in Vancouver, B.C.
| Issuer: | Rare Element Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.8 million
|
| Units: | 1.2 million
|
| Price: | C$1.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$2.10
|
| Pricing date: | July 17
|
| Settlement date: | July 24
|
| Stock symbol: | TSX Venture: RES
|
| Stock price: | C$2.09 at close July 17
|
| Market capitalization: | C$73.5 million
|
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