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RareX (ASX:REE) - Executive Director, Jeremy Robinson
Executive Director, Jeremy Robinson
Source: Hot Copper
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  • Rare earths explorer RareX (REE) has received firm commitments to raise $2.3 million
  • A total of 46 million shares will be issued to institutional and professional investors at five cents each
  • Additionally, company directors have subscribed for $200,000, however, this is subject to shareholder approval
  • The money will be used to further strengthen RareX’s balance sheet, and allow it to progress with the upcoming maiden drilling program at its Cummins Range Rare Earths Project in the Kimberley
  • Once the placement is complete, RareX will have $6.1 million in cash and listed investments
  • Despite the announcement, RareX has dropped 8.57 per cent and shares are currently trading for 6.4 cents each

Rare earths explorer RareX (REE) has received firm commitments to raise $2.3 million.

A total of 46 million shares will be issued to institutional and professional investors at five cents each.

Of this $2.3 million, company directors have collectively subscribed for $200,000, however, the shares will only be issued subject to shareholder approval.

The money will be used to further strengthen RareX’s balance sheet, and allow it to progress with the upcoming maiden drilling program at its Cummins Range Rare Earths Project in the Kimberley.

This upcoming program the first at the project in almost 10 years, with the last drilling completed in 2011.

“We are delighted with the strong support received from investors as part of this capital raise, which reflects the quality of our assets and the exciting outlook for the company,” Chairman John Young commented.

“Drilling is on track to commence next month at Cummins Range targeting extensions of our high-quality existing resource as well as new satellite discoveries,” he said.

“Meanwhile, we are in the midst of a potentially game-changing drill program at the Trundle Project in NSW, where the Kincora team have intersected significant porphyry mineralisation in the first two diamond drill holes,” John added.

Once the placement is complete, RareX will have $6.1 million in cash and listed investments.

Despite the announcement, RareX has dropped 8.57 per cent and shares are trading for 6.4 cents each at 11:03 am AEST.

REE by the numbers
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