American Rare Earths Ltd (ASX:ARR) has cut the ribbon on a $14 million institutional placement.
The capital raise, which had to be scaled back due to strong demand, issued just more than 48 million shares at 29 cents each.
ARR will use the funding to accelerate exploration across its North American project base, namely the La Paz and Halleck Creek rare earth properties.
New institutional, professional and sophisticated investors on the register
ARR CEO Chris Gibbs said today: "We are delighted with the interest shown by new and existing investors under this placement and see it as a real demonstration of confidence and support for our vision to build the next major rare earth and critical minerals company and play a key role securing supply for the United States of America.
“Our company welcomes the new institutional, professional and sophisticated investors who join the company under this placement and look forward to an exciting long-term future together as our projects continue to grow and develop.
“American Rare Earths is also very appreciative of the level of continued support it receives from existing shareholders who have again shown their belief in the vision and strategy of the company, by participating in this placement.”