6th Mar 2014 12:53
LONDON (Alliance News) - Rare Earth Minerals PLC Thursday said it raised GBP4.6 million in a placing of 1.15 billion shares at a price of 0.4 pence per share.
Earlier this week, Rare Earth Minerals said Bacanora Minerals Ltd has reported significant lithium results from five recently completed holes on the La Ventana Concession in Mexico.
"These new holes should provide further potential for additional tonnage to La Ventana's existing resource estimates and were drilled to upgrade the resource estimate for the La Ventana deposit from the inferred resource category to the indicated resource category," REM Chairman David Lenigas said in a statement this week.
REM said it has increased its holding in Bacanora, which owns 100% of the La Ventana Concession, to 5.47% for GBP80,000, increasing the company's interest in the separate Fleur-El Sauz joint venture to roughly 33.8%.
Shares in Rare Earth Minerals we trading 2.1% lower at 0.431 pence Thursday midday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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