Rare Earths Americas Inc. (NYSE American: REA) completed its initial public offering, raising approximately $63.3 million in gross proceeds through the sale of 3,333,331 shares of common stock, according to a company statement.

The critical minerals company, which focuses on heavy rare earths projects in the United States and Brazil, began trading on NYSE American on May 6 under the ticker symbol REA. The offering was upsized from its original size, though the company did not disclose the initial target amount.

The company plans to use the net proceeds to fund operations at its Shiloh Project, including land acquisition, drilling, metallurgical testing, and permitting activities. Additional funds will support exploration and evaluation work at its Alpha and Constellation Projects, as well as potential evaluation of its Homer and Liberty Peak exploration projects.

Cantor Fitzgerald served as lead book-running manager for the offering, with Stifel acting as book-running manager. Canaccord Genuity and B. Riley Securities participated as co-managers.

The Securities and Exchange Commission declared the registration statement effective on May 5. Rare Earths Americas describes itself as an exploration-stage company with a portfolio of critical minerals projects focused on heavy rare earth assets.

The company noted in its statement that it currently has no proven or probable mineral reserves and generates no revenues as an exploration-stage entity.