Business
Result of Placing of Ordinary Shares
Result of Placing of Ordinary Shares.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 3247C Rare Earth Minerals PLC 15 January 2015 \n \n\nTHE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR NEW ZEALAND OR ANY JURISDICTION IN WHICH SUCH PUBLICATION RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.\n \nRARE EARTH MINERALS PLC\n \n(\"Rare Earth Minerals\",or the \"Company\")\n \nResult of Placing of Ordinary Shares\n \nRare Earth Minerals is pleased to announce that, following the launch of a proposed placing today 15 January 2015 (the \"Placing\"), it has successfully placed 312,500,000 new Ordinary Shares (the \"Placing Shares\") at a price of 0.8 pence per share (the \"Placing\") to an institutional investor. The Placing, raised gross proceeds of £2.5 million) (the \"Placing Proceeds\"). \n \nThe Placing Proceeds will be used to supplement the Group's existing cash balances and be used:\n· To further the Company's investment and development of its existing portfolio and in particular its joint venture assets in the Sonora Lithium project in Mexico\n· For the potential investment into new rare earth or Lithium mineral projects; and\n· For general corporate purposes\n \nDavid Lenigas, the Company's Chairman, commented:\n \n\"The board is pleased to have closed this placing with a single major UK institutional investor, as we endeavour to maximise shareholder value this year from the Company's significant investments in the Sonora Lithium Project in northern Mexico and our rare earth elements (REE) investments in Australia and Greenland. The Company now has a stronger balance sheet going forward and plans to seek ways of increasing our exposure to these significant resource plays.\"\n \n\"The Company received demand in excess of £2.5 million in this Placing, however oversubscriptions were declined.\"\n \nThe Placing Price represents a discount of approximately 12.57 per cent. to the closing middle market price of 0.92 pence per Ordinary Share on 15 January 2014, being the last business day prior to the announcement of the Placing. The Placing is conditional, inter alia, on admission of the Placing Share...