Rare Earths Americas, an exploration-stage rare earths mining company with projects in Brazil and the US, raised $63 million by offering 3.3 million shares at $19, the high end of the $17 to $19 range. The company originally filed to offer 2.8 million shares. At pricing, the company commands a fully diluted market value of $399 million (+8% versus original terms).
Rare Earths Americas is an exploration-stage critical miners company with a portfolio of three material projects: the Shiloh Project in Georgia, and the Alpha and Constellation Projects in Brazil. The projects are all focused on heavy rare earth elements including neodymium-praseodymium, dysprosium, and terbium, which are used primarily in high-performance permanent magnets. The Brazilian assets are ionic adsorption clay deposits, while the Shiloh Project is centered on monazite-bearing mineralization. The company has yet to generate revenue, and its current activities consist of exploration, resource definition, and metallurgical test work.
The Manchester, GA-based company will trade on the NYSE American under the symbol REA. Cantor Fitzgerald and Stifel acted as joint bookrunners on the deal.
