- American Rare Earths (ASX:AW1) raises $13.5 million through a share placement to advance its Halleck Creek rare earth project in Wyoming
- Firm commitments have been secured for 45 million new fully paid ordinary shares at 30 cents apiece
- The placement funds provide a substantial runway for American Rare Earths to advance key development milestones for the Halleck Creek project
- ARR last traded at 38 cents
American Rare Earths (ASX:ARR) has raised $13.5 million to advance its Halleck Creek rare earth project in Wyoming, USA.
The funding allows the company to significantly advance key development milestones for the project.
The company’s focus on environmentally friendly and cost-effective extraction methods aligns with the growing demand for clean energy resources and US national security needs.
“I am thrilled to announce the successful completion of our institutional placement, which has raised A$13.5 million,” American Rare Earths CEO Donald Swartz said.
“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.”
The funds raised will be used for:
- Mineral resource and extensional drilling
- Pre-feasibility study (PFS)
- Metallurgical test work and process development
- Heritage, permitting, and environmental activities
- General working capital
The placement shares will be issued at 30 cents per share, representing a 5.1 per cent discount to the 10-day VWAP.
Settlement is scheduled for Wednesday, February 28 2024, and the shares will rank equally with existing shares on issue.
ARR last traded at 38 cents.