- RareX (REE) has secured $2.75 million from a well-regarded resources investor, Simon Lee AO
- Simon is a prominent investor in the resources and commerce industries and has received a number of prestigious awards for his contributions
- The investment will be structured as a share placement made up of 25 million new shares priced at 11 cents each
- The money will increase RareX’s cash and liquid investment position to around $11.25 million which will support the development of its Cummins Range project in WA
- The placement is expected to settle this Friday on February 26
- Company shares are up 8.7 per cent and are trading at 12.5 cents
RareX (REE) has secured $2.75 million from resources investor, Simon Lee AO.
The investment will be structured as a share placement including 25 million fully paid ordinary shares at 11 cents each.
The placement will strengthen RareX’s cash and liquid investment position to around $11.25 million and will allow it to focus on growth within the global rare earths sector.
Specifically, the extra funds will support an upcoming drilling program at the
Cummins Range Rare Earths Project in WA, an updated mineral resource estimate, progressing initial scoping studies, and for general working capital purposes.
“Securing a strategic investment from someone of [Simon]’s reputation and calibre in the international mining industry is a glowing endorsement of RareX and our growth ambitions in the booming rare earths sector,” Managing Director Jeremy Robinson said.
Simon is currently a Non-Executive Director of Emerald Resources (EMR) and has a track record for building gold mining companies such as Great Victoria Gold, Samantha Gold and Equigold.
He’s held multiple leadership positions including a board member of the Australian Trade Commission (AUSTRADE) and President of the Western Australian Chinese Chamber of Commerce.
He’s also been awarded for his contribution to the industry — in 1993, he received the Advance Australia Award and in 1994 he was appointed an Officer of the Order of Australia.
The placement is expected to settle this Friday, February 26.
Company shares are up 8.7 per cent and are trading at 12.5 cents at 11:04 am AEDT.