American Rare Earths Ltd (ASX:ARR) has cut the ribbon for a $14 million institutional placement.
The capital raise, which had to be scaled back due to strong demand, issued just over 48 million shares at 29 cents each.
ARR will use the funding to accelerate exploration at its North American project base, namely the La Paz and Halleck Creek rare earth properties.
New institutional, professional and sophisticated investors registered
ARR CEO Chris Gibbs said today: “We are delighted with the interest shown by new and existing investors in this placement and see it as a real show of confidence and support for our vision to build the next great rare earths and critical minerals company and play a key role in securing supply for the United States of America.
“Our company welcomes new institutional, professional and sophisticated investors who join the company in this placement and look forward to an exciting long-term future together as our projects continue to grow and develop.
“American Rare Earths is also very grateful for the continued level of support it receives from existing shareholders who have again shown their faith in the company’s vision and strategy, by participating in this placement.”