Company sells units of a common share, a half-share three-year warrant
By Devika Patel
Knoxville, Tenn., Sept. 27 - Rare Element Resources Ltd. priced an $8 million public offering of units on Sept. 24, according to a prospectus supplement filed Friday with the Securities and Exchange Commission. The offering has a $4.8 million greenshoe.
The company will sell 2,677,376 units of one common share and one half-share warrant at $2.988 per unit, with each whole warrant exercisable at $4.15 for three years. The strike price is a 39.26% premium to the Sept. 23 closing share price of $2.98.
H.C. Wainwright & Co., LLC is the agent.
Proceeds will be used exploration and development of the Bear Lodge REE Project, including permitting studies and contractor engagement, engineering and pilot plant studies, and completion of a feasibility study, and for working capital requirements and other general corporate purposes.
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: | $8 million
|
| Greenshoe: | $4.8 million
|
| Units: | 2,677,376
|
| Price: | $2.988
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $4.15
|
| Agent: | H.C. Wainwright & Co., LLC
|
| Pricing date: | Sept. 24
|
| Stock symbol: | NYSE: REE
|
| Stock price: | $2.98 at close Sept. 23
|
| Market capitalization: | $118.22 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
