Firm commitments received to raise A$10.0 million with strong demand from domestic and offshore institutional investors
Strong institutional investor interest highlights the quality and scale of RareX’s flagship Cummins Range Rare Earths Project, strategically located in Western Australia
RareX is now fully funded to complete an extensive drill program following its recently announced Exploration Target for the primary zone, which is in addition to the existing JORC 2012 Mineral Resource1 of 18.8Mt at 1.15% TREO2
Directors intend to invest a further A$650,000, subject to shareholder approval on the same terms as the Placement, taking the total capital raising to $10.65 million
“We are very pleased with the overwhelming demand for this equity capital raising from both offshore and domestic institutions, many of which are first time investors in RareX.
“This is a strong endorsement of our corporate strategy and is testament to the underlying quality of RareX’s Cummins Range Project. We are now fully funded to pursue an extremely exciting drilling program to grow the Resource to the next level as set out in our recently released Exploration Target.
“If we are successful, Cummins Range would rank as a top-3 rare earths project in Australia and one of the largest and most significant new rare earths development assets globally. The rare earths sector is about to go through another phase of significant growth, and we are very well placed to benefit with ownership of a large, high-grade asset in a Tier-1 jurisdiction.
“We thank our existing shareholders for their ongoing support and welcome many new high-quality institutions to our register.”