Rare Earths Americas announces IPO on NYSE
Rare Earths Americas (REA), a minerals company advancing a portfolio of prospective heavy rare earths focused projects in the US and in Brazil, announced today the launch of its initial public offering of its common stock on the NYSE.
The offering consists of about 2.8-million shares of common stock. In addition, REA intends to grant the underwriters a 30-day option to purchase up to an additional 400 000 shares at the public offering price, less underwriting discounts.
The initial public offering price is expected to be between $17.00 and $19.00 apiece.
REA intends to use the net proceeds from the offering to fund land acquisition and option payments, drilling, metallurgical test work, permitting and technical report summary preparation at the Shiloh project; to fund exploration, evaluation, land consolidation, metallurgy, engineering and permitting studies at the Alpha and Constellation projects; and to evaluate non-material exploration projects, including Homer and Liberty Peak, as well as for working capital and other general corporate purposes.
Cantor is acting as the lead book-running manager for the proposed offering. Stifel is acting as book-running manager for the proposed offering. Canaccord Genuity and B. Riley Securities are acting as co-managers for the proposed offering.
REA's portfolio includes three material projects, which it believes positions the company as a future potential cornerstone of non-Chinese rare earth supply, aligning with Western industrial and national security priorities.
Rare earths elements are essential for advanced US industries including robotics, electric vehicles, energy, defense, and consumer electronics.
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