RareX Secures AU$50 Million Facility; Shares Up 5%

MT Newswires Live09-24

RareX (ASX:REE) entered into a AU$50 million US-aligned share subscription facility in two 2-equal tranches with GEM Global Yield in support of the company's Mrima Hill application, according to a Wednesday Australian bourse filing.

The company said AU$25 million will be made available on the grant of Mrima Hill, and a further AU$25 million extension can be sought after that.

The facility is contingent upon the Mrima Hill project being granted to the RareX-Iluka consortium, as the RareX proposal is under review by Kenya's National Mining.

RareX said it retains full discretion over the timing and quantum of drawdowns, and the facility is expected to fully fund the consortium's year one to three proposed program for Mrima Hill, including a pilot plant.

The company's shares rose nearly 5% in recent Wednesday trade.

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