Offering also includes five-year warrants for 800,000 common shares
By Devika Patel
Knoxville, Tenn., Feb. 15 - Texas Rare Earth Resources Corp. said completed a private placement of stock on Feb. 9, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal raised $2 million.
The company sold 800,000 common shares at $2.50 apiece. The price per share is a 28.57% discount to the Feb. 8 closing share price of $3.50. The investor may buy 3.2 million more shares at this price.
The investors also received five-year warrants for an additional 800,000 shares, which are each exercisable at $2.50. The strike price also represents a 28.57% discount to the Feb. 8 closing share price and the investor may receive 3.2 million more warrants in future tranches.
Houston-based Texas Rare Earth is developing a rare earth-beryllium-uranium property in Texas.
| Issuer: | Texas Rare Earth Resources Corp.
|
| Issue: | Common shares
|
| Amount: | $2 million
|
| Shares: | 800,000
|
| Price: | $2.50
|
| Warrants: | For 800,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.50
|
| Settlement date: | Feb. 9
|
| Stock symbol: | Pink Sheets: TRER
|
| Stock price: | $3.25 at close Feb. 9
|
| Market capitalization: | $76.93 million
|
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