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Rare Element Resources Provides Update on Process for Potential Rights Offering

Rare Element Resources Ltd. (the “Company” or “RER”) (OTCQB: REEMF) is pleased to provide an update regarding the pending launch of the previously announced rights offering to raise up to approximately US$25 million in gross proceeds. Consistent with the terms set forth in the news release issued by the Company on October 5, 2021, each holder of the Company’s common shares as of the close of business on the record date of October 19, 2021 will have an opportunity to participate in the rights offering.

The Company has not yet launched the rights offering as it is working to fulfill state securities regulatory requirements in connection with the offering and will provide further information in due course regarding the terms of the offering, including the commencement date and the period of time that shareholders will have to exercise their subscription rights to participate in the offering.

As described in the October 5, 2021 news release, each holder of the Company’s common shares as of the close of business on the record date of October 19, 2021 will be issued, at no charge, one non-transferable subscription right for each common share owned by that shareholder on the record date. Each subscription right will entitle the holder thereof to purchase one common share of the Company at US$0.24 per share (the “basic subscription privilege”). The rights offering will also include an oversubscription privilege, which will entitle shareholders who exercise all of their subscription rights under the basic subscription privilege the right to purchase additional common shares of the Company in the rights offering, subject to availability and pro rata allocation of shares among rights holders exercising such oversubscription privilege. No fractional common shares will be issued in the rights offering.

In the United States, the rights offering will be made pursuant to the shelf registration statement on Form S-3 that was previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and the prospectus meeting the requirements of the Securities Act of 1933, as amended, which was filed with the SEC as part of the shelf registration statement. Additional information regarding the rights offering will be set forth in a prospectus supplement to the prospectus. In Canada, the rights offering will be made pursuant to a rights offering notice and rights offering circular on a private placement basis that is exempt from the prospectus requirements of applicable Canadian securities laws.

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Nachrichtenquelle: Business Wire (engl.)
25.10.2021, 14:30  |  297   |   |   

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Rare Element Resources Provides Update on Process for Potential Rights Offering Rare Element Resources Ltd. (the “Company” or “RER”) (OTCQB: REEMF) is pleased to provide an update regarding the pending launch of the previously announced rights offering to raise up to approximately US$25 million in gross proceeds. Consistent …

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