ARRNF - American Rare Earths Announces A$13.5m Placement to advance Halleck Creek Project | Benzinga
Highlights
- 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 chain
DENVER, Feb. 22, 2024 (GLOBE NEWSWIRE) -- American Rare Earths Limited ((ASX: ARR, OTCQX:AMRRY, 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.
American Rare Earths CEO, Donald Swartz, commented on the Placement:
"I am thrilled to announce the successful completion of our institutional placement, which has raised A$13.5 million. The overwhelming ...