U.S. Rare Earths, Inc. Closes $4.0 Million Private Placement
PLANO, Texas and NEW YORK, Oct. 3, 2013 /PRNewswire/ -- U.S. Rare Earths, Inc., "UREE" or the "Company", (UREE), a U.S. domestic rare earths exploration company with mining claims in Idaho, Montana, and Colorado, announced today that it has closed a non-brokered private placement of 1,977,500 shares of restricted common stock with gross proceeds in excess of $4.0 million. The offering price per share was $2.00. Proceeds from the offering are expected to be used for exploration, drilling, and preliminary design and engineering work, as it relates to pending exploratory mine operations, metallurgical and mineralogical studies, a study of developing a processing mill design and general working capital.
"I am very pleased to announce the successful financing of the Company in a non-dilutive manner. The shares issued in the financing are as a result of the terms disclosed in the company's 8K filing of July 2, 2013. The funds allow us to not only continue, but also expand our development of the Company's premier properties in Colorado, Idaho and Montana, including our Phase I drilling and exploration of the Lemhi Pass. Our primary focus remains on creating American independence and sustainability as it pertains to the supply of Critical Rare Earth Elements," said U.S. Rare Earths Chairman, Victor Lattimore.
The Company's properties in the Lemhi Pass region have been recognized in the U.S. Department of Energy's Critical Materials Strategy publications to have significant showings of Heavy Rare Earth Elements, in particular for the five Rare Earths identified by DOE as being at "Critical Risk": Dysprosium, Europium, Neodymium, Terbium and Yttrium.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About U.S. Rare Earths, Inc.:
U.S. Rare Earths, Inc. ("UREE", "U.S. Rare Earths" or the "Company") is a mineral exploration, mining and claims acquisition company based in Plano, TX. The Company holds over 20,000 acres of mining claims for rare-earth elements in Colorado, and in the Lemhi Pass Region of Idaho and Montana.
Rare earth elements are critical to many existing and emerging 21st century applications including clean-energy technologies such as hybrid cars and electric vehicles; high-technology applications including cell phones and digital music players; hard disk drives used in computers; microphones; fiber optics; lasers; and in addition, critical defense applications such as global positioning systems, radar and sonar; and advanced water treatment applications, including those for industrial, military, homeland security, domestic and foreign aid use.
For more information visit www.usrareearths.com
Safe Harbor Statement. Some statements contained in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, therefore, involve uncertainties or risks that could cause actual results to differ materially. These statements may contain words such as "desires," "believes," "anticipates," "plans," "expects," "intends," "estimates" or similar expressions. These statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and other important factors that could cause its actual performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Such statements include, but are not limited to, rare-earth industry risks, estimates of mineralized materials, litigation risks, plans to raise capital, and board, management and governance risks. Additional information regarding factors that could cause results to differ materially from management's expectations is found in the Company's SEC filings. The Company intends that the forward-looking statements contained herein be subject to the above-mentioned statutory safe harbors. Investors are cautioned not to rely on forward-looking statements.
RUBENSTEIN PUBLIC RELATIONS CONTACT: JONATHAN GOLDBERG 212-843-9335
SOURCE U.S. Rare Earths, Inc.
More by this Source
U.S. Rare Earths Letter To Shareholders
Nov 07, 2013, 17:32 ET
U.S. Rare Earths to Initiate its 2013 Phase II Drilling Expansion
Oct 29, 2013, 14:19 ET
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.