The registered direct offering in the United States resulted in net proceeds, after expenses, of approximately $3.2 million. 

“Rich in critical rare earths and well-located in northeast Wyoming, we believe the Bear Lodge Project is in an exceptional position to help serve as a cornerstone for the re-establishment of a North American rare earth supply chain”

“Rich in critical rare earths and well-located in northeast Wyoming, we believe the Bear Lodge Project is in an exceptional position to help serve as a cornerstone for the re-establishment of a North American rare earth supply chain,” said Paul H. Zink, Senior Vice President and Chief Financial Officer. “This financing will help us continue our work on permitting and certain engineering and optimization studies necessary to support our feasibility study as well as continue our test work on elemental separation, which offers the opportunity to move up the value chain.”

As previously disclosed, the Company sold, to a single institutional investor, 5,230,770 units at $0.65 per unit for gross proceeds of $3.4 million. Each unit consisted of one common share and one warrant, good for three years, to purchase 0.5 of a common share at a purchase price of $0.85 per share.

H.C. Wainwright & Co., LLC acted as exclusive placement agent in connection with the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company in this offering. There shall not be any offer, solicitation of an offer to buy, or sale of securities in any state or jurisdiction in which such an offering, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offering in the United States will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.

Rare Element Resources Ltd. is a publicly traded mineral resource company focused on exploration and development of rare-earth element deposits, specifically those with significant distribution of critical rare earths. The Company is advancing plans to develop the Bear Lodge Project, located in northeast Wyoming. Bear Lodge is a significant mineralized district containing many of the less common, more valuable critical rare earths that are essential for electronics, fiber optics, laser systems for health and defense, as well as many evolving green technologies, like hybrid cars, solar panels and wind turbines. Permitting and feasibility work on the Project continue to advance. The Company is a member of the U.S. Department of Energy’s Critical Materials Institute, a combined government and private sector organization committed to eliminating supply chain issues for rare earths and other critical elements.

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