RareX (ASX:REE) is raising $5 million through a share placement to fund exploration at its portfolio of assets in Western Australia.
The company will issue 181.8 million shares at an offer price of $0.0275 per share, representing a 16.7% discount to the 15-day volume weighted average price of $0.033, as well as a 25% premium to the company’s last raise in July 2025.
RareX will offer one for every two free attaching options to shareholders in this placement. Options will be exercisable at $0.045 and will expire after a period of three years.
Canaccord Genuity and Evolution Capital acted as joint lead managers to this placement.
RareX will use funds raised to conduct numerous exploration workstreams at the Khaleesi Project, focusing on niobium and rare earth targets, advancing exploration at Cummins Range through to project development, including metallurgical and feasibility studies, and continuing the Mrima Hill carbonatite proposal with Iluka Resources (ASX:ILU).
CEO James Durrant says the level of demand received from this placement reflects “strong investor confidence” in the company’s strategy to deliver near-term priorities for the Khaleesi and Cummins Range assets.
“This placement positions RareX at an important inflection point, with Cummins Range moving into development following the grant of the mining lease, drilling commencing at Khaleesi targeting gallium and mineralised carbonatites, and the Mrima Hill consortium proposal reaching a decision point,” Durrant says.
RareX is a rare earths explorer focused on discovering & developing carbonatites to push the global clean energy revolution.
Write to Maddison Elliott at Mining.com.au
Images: RareX
