RareX raises $3M for WA rare earth projects

Australia's RareX has successfully raised $3 million in additional capital for works at its two Western Australia (WA)-based rare earth projects.

The rare earth explorer first signaled it was planning to raise additional funding when its placed its shares in a trading halt earlier this week. The company has since announced it has received firm commitments to raise $3 million via a placement to institutional, sophisticated and professional investors.

The company said all of the money raised through the placement will go towards exploring and progressing its Cummins Range and Weld North projects.

RareX plans to undertake an aircore drilling program at Weld North in the coming weeks, while it'll also use the results from recent drilling at Cummins Range to update the project's mineral resource estimate.

.Asian Metal CopyrightAustralia's RareX has successfully raised $3 million in additional capital for works at its two Western Australia WA-based rare earth projects.Asian Metal Copyright