Deal raises funds for exploration, drilling and engineering studies
By Toni Weeks
San Luis Obispo, Calif., Oct. 3 - U.S. Rare Earths, Inc. said it raised $3.96 million in a non-brokered private placement of restricted common stock.
The company sold 1,977,500 shares at $2.00 each, a 2.44% discount to the closing share price of $2.05 on Oct. 2.
Proceeds will be used for exploration, drilling and preliminary design and engineering work as it relates to pending exploratory mine operations; metallurgical and mineralogical studies; a study of developing a processing mill design; and general working capital.
U.S. Rare Earths is a mineral exploration, mining and claims acquisition company that focuses on critical rare earth elements such as dysprosium, europium, neodymium, terbium and yttrium. It is based in Plano, Texas.
| Issuer: | U.S. Rare Earths, Inc.
|
| Issue: | Restricted common stock
|
| Amount: | $3,955,000
|
| Shares: | 1,977,500
|
| Price: | $2.00
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Settlement date: | Oct. 3
|
| Stock symbol: | OTCBB: UREE
|
| Stock price: | $2.05 at close Oct. 2
|
| Market capitalization: | $58.93 million
|
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