Rare Earth Minerals Plc
("Rare Earth Minerals", "REM" or "the Company")
Further to the Rare Earth Mineral Plc (AIM: REM; OTC: REMMY) announcement on 20 September 2016, REM reports that it has now completed the purchase of 4.5 million existing ordinary shares in Bacanora Minerals Ltd ("Bacanora") for a consideration of £4.5 million via an on-market transaction.
REM now owns a direct interest of 19.8% in Bacanora. In addition REM holds two joint venture interests of 30% in each of Mexalit S.A. de CV ("Mexalit") and Megalit S.A. de CV ("Megalit"). This results in a total economic interest of 43.9% in both of these joint ventures.
In addition REM has instructed its broker to exercise its option in European Metals Holdings Ltd ("EMH") which is due to expire on 19 October 2016. The option, over 2,000,000 CDI's, is at an exercise price of AUD 20 cents. Following this option exercise, REM will hold a direct interest in 18% of EMH's issued share capital.
Further to our announcement on 20 September 2016 in relation to the US$15 million convertible loan note, the Company is pleased to announce that it has issued the entire loan note. As a result of foreign exchange and external investment controls in Mexico, a proportion of this loan note has now been issued to several investment funds from the United States of America.
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For further information, please contact:
Rare Earth Minerals plc
Andrew Suckling +1 (212) 933 9007
Donald Strang +44 (0) 207 440 0647
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
Square1 Consulting +44 (0) 207 929 5599
This information is provided by RNS