15th Jan 2015 16:35
LONDON (Alliance News) - Rare Earth Minerals PLC said Thursday that it plans to raise GBP2.5 million through a share placing at a price of 0.8 pence per share to supplement its existing cash balances.
Shares in Rare Earth Minerals closed up 1.4% at 0.928 pence Thursday.
The company said it will use the funds to further its investment in, and development of, its existing portfolio, particularly its joint venture assets in the Sonora Lithium project in Mexico, for potential investments in new projects and for general corporate purposes.
The placing is being conducted via an accelerated book-building process, with WH Ireland Ltd acting as sole broker.
Rare Earth Minerals will announce the number of placing shares and gross proceeds raised after the close of the book-building process.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Rare Earth Metals