RareX (ASX:REE) received firm commitments to raise AU$2.7 million, before costs, via a share placement to institutional and professional investors at AU$0.022 per share, according to a Wednesday Australian bourse filing.
The placement will result in the issue of around 122.7 million new fully-paid ordinary shares. Settlement is expected to occur on May 21.
The placement included a one-for-two free-attaching option exercisable at AU$0.035 and expiring 36 months from the issue.
Its board agreed to subscribe for AU$75,000 on the same terms as the Placement, subject to shareholder approval.
It will use the proceeds to progress the procurement process for the Mrima Hill rare earth-niobium-phosphate-manganese project in Kenya as part of a consortium with Iluka Resources (ASX:ILU), among others.
Its shares plummeted 13% in recent trading on Wednesday.
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