American Rare Earths Raises $13.5M to Advance Halleck Creek Project

THE BOURSE WHISPERER: American Rare Earths (ASX: ARR) reported receipt of firm commitments via an institutional placement to raise $13.5 million.

American Rare Earths raised the cash by way of a placement to existing shareholders and new institutional investors of 45 million new fully paid ordinary shares at an issue price of 30 cents per share.

The funds have been earmarked to continue development of the company’s Halleck Creek rare earths project in Wyoming, USA.

Work will entail mineral resource and extensional drilling, PFS, metallurgical test work and process development, heritage / permitting / environmental activities.

“I am thrilled to announce the successful completion of our institutional placement, which has raised $13.5 million,” American Rare Earths CEO Donald Swartz said in the company’s ASX announcement.

“The overwhelming support from both existing shareholders and new institutional investors underscores the confidence in our vision and the potential of our projects in particular the Halleck Creek rare earth project.

“This Placement provides us with the capital to advance our flagship project, Halleck Creek, towards delivering a secure supply of critical minerals to the North American supply chain.

“We are committed to executing on our project development milestones and are grateful for the support that enables us to further our mission.

“With a focus on environmentally friendly and cost-effective extraction methods, we are well set to meet the escalating demand for resources essential to the clean energy transition and US national security.

“This milestone marks a pivotal moment in our journey, and we are excited for the opportunities that lie ahead as we continue to drive value for our shareholders and stakeholders alike.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE