Major drilling program to commence within weeks to advance substantial Australian rare earths deposit

RareX Limited (RareX or the Company) (ASX: REE) is pleased to announce it has received firm commitments to raise A$10.0 million (before costs) to underpin a major new phase of resource growth and development studies on its flagship 100%-owned Cummins Range Rare Earths Project in the Kimberley Region of Western Australia.


Highlights

  • Firm commitments received to raise A$10 million with strong demand from domestic and offshore institutional investors
  • Strong institutional investor interest highlights the quality and scale of RareX’s flagship Cummins Range Rare Earths Project, strategically located in WesternAustralia
  • RareX is now fully funded incomplete an extensive drill program following its recently announced Exploration Target for the primary zone, which is in addition to the existing JORC 2012 Mineral Resource1 of 18.8Mt at 1.15%TREO2
  • Directors intend to invest a further A$650,000, subject to shareholder approval on the same terms as the Placement, taking the total capital raising to $10.65million

The proceeds will put the Company in a very strong position to advance Cummins Range to the next level as a large, high-quality strategic rare earths asset which is poised to benefit from rising prices and strong demand for critical minerals.

Share Placement

The Company is undertaking a share placement to institutional, sophisticated and professional investors at A$0.09 per share (Placement Price), with approximately 111.11 million new fully-paid ordinary shares to be issued (Placement).

Click here for the full ASX Release

This article includes content from RareX, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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