RARE ELEMENT RES LTD - REEMF STOCK NEWS

Rare Element Resources Ltd. has announced the retirement of Randall Scott after ten years as CEO, effective November 1, 2022. Brent Berg, with over 25 years of experience in the minerals industry, will succeed him. Berg has held significant roles at Cameco Corporation and recently managed a copper recovery project at Florence Copper Inc. The company is progressing with its rare earth processing project in Upton, Wyoming, planned for engineering completion by the end of 2022 and construction beginning in summer 2023.

Rare Element Resources Ltd. (OTC-PINK: REEMF) announced significant progress on its rare earth processing and separation demonstration project in Upton, Wyoming. The project, led by General Atomics, has achieved a 60% design completion, with plans for final engineering by year-end. The $44 million project is partially funded by the Department of Energy, addressing domestic rare earth supply needs. Permitting and construction activities are ongoing, with operations expected to commence within 40 months from the start date in October 2021.

Rare Element Resources Ltd. (OTC-PINK:REEMF) has appointed Wayne Rich as its Chief Financial Officer, effective March 28, 2022. Rich, with over 20 years of experience in the resource sector, will support the company’s development of a rare earth processing and separation demonstration facility in Upton, Wyoming. This project is progressing through the design phase and is expected to be completed in 18–26 months, with an additional 12–14 months for processing. Approximately $21.9 million will be funded through a DOE assistance agreement, with remaining costs covered by the company’s rights offering.

Rare Element Resources Ltd. (OTC-PINK: REEMF) announced the success of its rights offering, generating approximately US$25.4 million in gross proceeds. The offering, which expired on December 8, 2021, was oversubscribed, leading to the issuance of around 105.8 million common shares at US$0.24 each. Notably, significant shareholder Synchron will acquire about 65.5 million shares, increasing its ownership to approximately 54.8%. The net proceeds will fund the Bear Lodge Project and prepay approximately US$1 million in debt.

Rare Element Resources Ltd. (OTCQB: REEMF) has launched a rights offering to raise approximately US$25.4 million. Shareholders holding common shares as of October 19, 2021 will receive one non-transferable subscription right per share. Each right allows the purchase of one share at US$0.24, with an oversubscription privilege included. The offering will expire at 5:00 p.m. on December 8, 2021. Proceeds will fund a demonstration plant for rare earth processing, supported by a US$21.9 million award from the U.S. Department of Energy.