American Rare Earths Announces A$13.5m Placement to advance Halleck Creek Project
Summary
Firm commitments received via an institutional placement to raise gross proceeds of A$13.5 million at an issue price of A$0.30 per share Strong support received from existing shareholders and new institutional investors Placement provides significant runway for American Rare Earths to execute on project development milestones to advance Halleck Creek towards providing secure supply of critical minerals to the North American supply chainDENVER, Feb. 22, 2024 (GLOBE NEWSWIRE) American Rare Earths Limited (ASX: ARR | ADRs OTCQX: AMRRY | Common Shares OTCQB: ARRNF) (ARR or the Company) is pleased to announce that it has received firm commitments for a placement of 45 million new fully paid ordinary shares (New Shares) at an issue price of A$0.30 to raise A$13.5 million (Placement).The Placement was strongly supported by new and existing institutional, professional, and sophisticated investors, both domestically and offshore, to develop environmentally friendly and cost-effective extraction and processing methods to meet the rapidly increasing demand for resources essential to the clean energy transition and US national security.I am thrilled to announce the successful completion of our institutional placement, which has raised A$13.5 million. The overwhelming support from both existing shareholders and new institutional investors underscores the confidence in our vision and the potential of our projects in particular the Halleck Creek Rare Earth Project.This Placement provides us with the capital to advance our flagship project, Halleck Creek, towards delivering a secure supply of critical minerals to the North American supply chain. We are committed to executing on our project development milestones and are grateful for the support that enables us to further our mission.With a focus on environmentally friendly and cost-effective extraction methods, we are well set to meet the escalating demand for resources essential to the clean energy transition and US national security. American Rare Earths is developing environmentally friendly and cost-effective extraction and processing methods to meet the rapidly increasing demand for resources essential to the clean energy transition and US national security. The Company continues to evaluate other exploration opportunities and is collaborating with US Government-supported R&D to develop efficient processing and separation techniques of rare earth elements.