Business
Placement of Equity
Placement of Equity.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 3409M Rare Earth Minerals PLC 23 August 2013 \n \n\n22 August 2013\n \nRare Earth Minerals plc\n(the \"Company\")\n \nEquity Placement\n \nRare Earth Minerals plc (AIM: REM) the rare earth minerals and metals projects investment company is pleased to announce that it has raised gross proceeds of £750,000 in a placing to investors of 150,000,000 new ordinary shares of 0.01p each in the capital of the Company (\"Shares\") at a placing price of 0.5 pence per Share (the \"Placing Shares\") together with a warrant for every two Placing Shares subscribed, each warrant entitling the holder to subscribe for one Share at a price of 0.5 pence per Share before 31 August 2014.\n \nThe Company has received legally binding acceptances in respect of the Placing Shares. Once all the funds have been cleared the placing will be completed and the Company will make a further announcement of the issue of the Placing Shares and their date of admission to AIM, which is expected by 6 September 2013. The Placing Shares will rank pari passu in all respects with the Company's existing ordinary shares. \n \nThe funds raised will be used by the Company to exercise its option to acquire a further 20% holding in the Fleur-El Sauz project, increasing its interest from 10% to 30% once the maiden resource statement, which is expected imminently, is published.\n\n\nFor further information please contact:\n \n\n\n\n\nRare Earth Minerals plc \n\n\n+44 (0) 207 440 0647\n\n\n\n\nDavid Lenigas\n\n\n\n\n\n\n\nRichard Griffiths\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nW.H. Ireland\n\n\n+44 (0) 207 220 1666\n\n\n\n\nJames Joyce\n\n\n\n\n\n\n\nNick Field\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPelham Bell Pottinger\n\n\n+44 (0) 207 861 3864\n\n\n\n\nJames MacFarlane \n\n\n\n\n\n\n\nMarcin Zydowicz\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END IOEPGUUWRUPWUUW\n ","length":5529,"tagName":"div"}]