Image: Rare Earths Americas.
Rare Earths Americas, a company advancing a portfolio of prospective heavy rare earths projects in the US and Brazil, announced Tuesday it has filed a registration statement with the Securities and Exchange Commission (SEC) relating to a proposed underwritten initial public offering of shares of its common stock.
The company said it intends to list its shares of common stock on the NYSE American under the ticker symbol “REA.”
The timing of the offering, number of shares of common stock to be offered and the price range for the proposed offering have not yet been determined, the company said, adding that the IPO is subject to market conditions, completion of the SEC’s review and other customary conditions.
Cantor will act as lead bookrunning manager and Stifel will also act as a bookrunner. Canaccord Genuity and B. Riley Securities are acting as co-managers in the transaction.
Rare Earths Americas said it intends to use the net proceeds from the offering to fund land acquisition and option payments, drilling, metallurgical test work, permitting and SK-1300 technical report summary preparation at its Shiloh project in Georgia, US and to fund exploration, evaluation, land consolidation, metallurgy, engineering and permitting studies at the Alpha project in Bahia, and the Constellation project in Minas Gerais, Brazil.
The remaining net proceeds for evaluating non-material exploration projects, including Homer and Liberty Peak, also in Brazil, as well as for working capital and other general corporate purposes.