American Rare Earths has received firm commitments via an institutional placement to raise gross proceeds of A$13.5 million at an issue price of $0.30 per share for the development of its Halleck Creek rare earths project in Wyoming.
The company said the placement, together with existing cash, will be used for mineral resource and extensional drilling, a prefeasibility study, metallurgical test work and process development, and permitting activities.
“This placement provides us with the capital to advance our flagship project, Halleck Creek, towards delivering a secure supply of critical minerals to the North American supply chain. We are committed to executing on our project development milestones and are grateful for the support that enables us to further our mission,” said CEO Donald Swartz.
“With a focus on environmentally friendly and cost-effective extraction methods, we are well set to meet the escalating demand for resources essential to the clean energy transition and U.S. national security. This milestone marks a pivotal moment in our journey, and we are excited for the opportunities that lie ahead as we continue to drive value for our shareholders and stakeholders alike”
With a globally significant exploration target of over 2 billion tonnes of mineralized rare earth rocks, Halleck Creek has the potential to be among the largest rare earths deposits in the U.S.
Source: American Rare Earths