Rare Earths Americas said Tuesday that it has launched an initial public offering of about 2.78 million shares at between $17 and $19 per share.

The company said it plans to grant its underwriters a 30-day option to purchase up to an additional 416,666 shares.

Rare Earths Americas, an exploration stage company, said it plans to list on the NYSE American under the "REA" ticker symbol.

The use of proceeds includes funding land acquisition and option payments, drilling, and metallurgical test work, and also funding exploration, the company said.