Rare Element Resources raises $30.9 million in oversubscribed rights offering

Rare Element Resources Ltd. (OTCQB: REEMF) completed an oversubscribed rights offering that generated approximately $30.9 million in gross proceeds, according to a company statement.

The rights offering, which expired on March 4, 2026, will result in the issuance of approximately 129 million common shares at $0.24 per share. About 117 million shares will be issued to holders who exercised their basic subscription privilege, with the remainder allocated proportionately among shareholders who participated in oversubscription privileges.

The company expects to issue the new shares by March 10, 2026. Following the issuance, Synchron, the company's majority shareholder, is expected to own approximately 71.4% of outstanding common shares.

Net proceeds after fees and expenses are expected to reach approximately $30.5 million. The company plans to use these funds to support operations of its rare earth processing and separation demonstration plant, advance projects beyond current neodymium/praseodymium separation objectives, and complete federal and state permitting for the Bear Lodge rare earth elements project in northeast Wyoming.

The rights offering was conducted under a shelf registration statement filed with the U.S. Securities and Exchange Commission and through an exemption from prospectus requirements under Canadian securities laws.

Rare Element Resources focuses on developing rare earth products for technology, energy, and defense applications through its Bear Lodge project, which contains critical rare earths used in permanent magnets, electronics, and renewable energy technologies.

The company noted that results remain subject to finalization and verification by the subscription agent. Excess subscription payments will be returned to investors without interest.

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