Business
Fundraising
Fundraising.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 3902Q Rare Earth Minerals PLC 29 February 2016 \n\nRare Earth Minerals Plc.\n(\"Rare Earth Minerals\", \"REM\" or \"the Company\")\nFundraising for further strategic investments in Lithium Sector\n \nRare Earth Minerals Plc (AIM: REM; OTC: REMMY) announces that it has today raised gross proceeds of approximately £3.55 million (US$4.93 million) through the placing of 645,619,670 new ordinary shares in the Company (\"New Shares\") at 0.55 pence per share to primarily US institutional investors to fund further strategic acquisitions in the lithium sector. \n \nIn addition, each two New Shares has one warrant attached with the right to subscribe for one new ordinary share at a price of 0.8 pence per shares for a period of 2 years from 11 March 2016.\n \nThe proceeds of the fundraising will be used primarily to fund or increase our economic interest in our existing investments, all of which are anticipated to make significant progress during this calendar year. In addition, the Company is reviewing additional investments in the fast growing lithium sector.\n \nThe Company has applied for the admission of the New Shares to trading on AIM and such trading is expected to take place on or around 3 March 2016 (\"Admission\"). Following Admission, the Company's issued share capital will consist of 7,461,273,165 Ordinary Shares with no Ordinary Shares held in treasury. Therefore the above figure of 7,461,273,165 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in Rare Earth Minerals under the FCA's Disclosure and Transparency Rules.\nThe Company was assisted in the US by the Company's US advisor, New York based EAS Advisors LLC, acting through Merriman Capital, Inc., a member of FINRA and SIPC. This release is informational only. Nothing in this release should be construed to be an offer to purchase or sell securities.\nREM's Chairman, Andrew Suckling, commented: \n\"Amid a very challenging environment for financing junior mining companies I am pleased to announce the capital raising today. The majority of the placement was subscribed for by US institutions.\nThe global lithium sector is a very exciting place to be at the moment, and REM continues to support new larg...