American Rare Earths (ARRNF) Closing in on A$15M Financing for Halleck Creek Rare Earths Project

American Rare Earths Ltd (OTCMKTS:ARRNF) is one of the best rare earth stocks to buy now. On July 24, American Rare Earths secured firm commitments for a private placement of 46.9 million new shares at A$0.32 each, raising A$15 million. The funding round drew strong interest from both new and existing global institutional and professional investors.

American Rare Earths (ARRNF) Closing in on A$15M Financing for Halleck Creek Rare Earths Project

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The A$15 million capital injection will allow the company to advance the development of its Halleck Creek Rare Earths Project in Wyoming, United States. It is one of the largest rare earth deposits in the country. American Rare Earths is to leverage part of the funds to accelerate the development of a demonstration plant, infill drilling, and engineering works.

“This capital raise comes at a critical time in the US rare earths industry as domestic growth is catalyzed by the government’s decisive action to counter China’s global rare earths dominance. The significant support of the placement by existing shareholders, along with new investors, reaffirms our belief that Halleck Creek’s immense potential positions the company to supply the rapidly growing permanent magnet production capacity in the US,” American Rare Earths chairman Richard Hudson said.

American Rare Earths Ltd (OTCMKTS:ARRNF) is a mining company focused on the exploration and development of rare earth and strategic mineral resources. Its flagship project is the Halleck Creek project in Wyoming, considered one of the largest rare earth deposits in the US.

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Disclosure: None. This article is originally published at Insider Monkey.