Rare Element Resources Completes Asset Acquisition
Ticker: REEMF · Form: 8-K · Filed: Oct 25, 2024 · CIK: 1419806
Sentiment: neutral
Topics: acquisition, assets, equity-sale
TL;DR
Rare Element Resources just closed a deal on Bear Lodge assets, more details to come.
AI Summary
Rare Element Resources Ltd. announced on October 25, 2024, the completion of its acquisition of certain assets related to its Bear Lodge Rare Earth Project. The company also reported on unregistered sales of equity securities and other events. Specific details regarding the acquisition and equity sales were not provided in this initial filing.
Why It Matters
This filing indicates a significant step in Rare Element Resources' development of its Bear Lodge project, potentially impacting its future operations and resource extraction capabilities.
Risk Assessment
Risk Level: medium — The filing mentions asset acquisition and unregistered equity sales, which can introduce financial and operational risks for the company.
Key Players & Entities
- Rare Element Resources Ltd. (company) — Registrant
- Bear Lodge Rare Earth Project (project) — Asset acquisition target
- October 25, 2024 (date) — Report date and earliest event date
FAQ
What specific assets were acquired in the completion of the acquisition?
The filing states the completion of an acquisition of certain assets related to the Bear Lodge Rare Earth Project, but does not specify the exact assets acquired.
What were the terms of the unregistered sales of equity securities?
The filing acknowledges unregistered sales of equity securities but does not provide details on the number of shares, price, or purchasers.
What are the 'Other Events' reported in this 8-K filing?
The filing lists 'Other Events' as an item information category but does not elaborate on what these events entail.
When was the company incorporated or organized?
Rare Element Resources Ltd. was incorporated or organized in British Columbia, Canada.
What is the principal executive office address and phone number?
The principal executive offices are located at P.O. Box 271049, Littleton, Colorado 80127, and the telephone number is (720) 278-2460.
Filing Stats: 583 words · 2 min read · ~2 pages · Grade level 11.1 · Accepted 2024-10-25 16:17:23
Key Financial Figures
- $1,507,000 — nd (ii) the Company paid Whitelaw Creek $1,507,000 in cash. The transfer, sale or exchang
Filing Documents
- reemf-20241025x8k.htm (8-K) — 37KB
- 0001419806-24-000023.txt ( ) — 141KB
- reemf-20241025.xsd (EX-101.SCH) — 3KB
- reemf-20241025_lab.xml (EX-101.LAB) — 13KB
- reemf-20241025_pre.xml (EX-101.PRE) — 8KB
- reemf-20241025x8k_htm.xml (XML) — 4KB
01 Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets. The information set forth in Item 8.01 is incorporated herein by reference.
02 Unregistered Sales of Equity Securities
Item 3.02 Unregistered Sales of Equity Securities. The information set forth in Item 8.01 is incorporated herein by reference.
01 Other Events
Item 8.01 Other Events. Pursuant to the terms of the previously disclosed asset purchase agreement, dated as of October 20, 2016, and amended on October 25, 2021, by and between Rare Element Resources, Inc. (the " Company "), a Wyoming corporation and wholly owned subsidiary of Rare Element Resources Ltd. (the " Registrant ") and Whitelaw Creek LLC, a Wyoming limited liability company (" Whitelaw Creek "), the Company exercised its option to repurchase from Whitelaw Creek, and on October 21, 2024, entered into a purchase agreement with Whitelaw Creek to repurchase, 640 acres of non-core real property located in Crook County, Wyoming that is adjacent to the Bear Lodge rare earth elements project (the " Land Repurchase "). The Land Repurchase closed on October 25, 2024 (the " Closing Date "). As consideration for the Land Repurchase, on the Closing Date, (i) the Registrant issued 5,000,000 of its common shares (the " Shares ") to Whitelaw Creek and (ii) the Company paid Whitelaw Creek $1,507,000 in cash. The transfer, sale or exchange of the Shares pursuant to the Land Repurchase is exempt from registration as a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 promulgated thereunder, among other exemptions. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: October 25, 2024 RARE ELEMENT RESOURCES LTD. By: /s/ Wayne E. Rich Name: Wayne E. Rich Title: Chief Financial Officer