Name change reflects a switch on the company's focus.
Avalon Rare Metals Mining News
Avalon Rare Metals expects to publish the project's Preliminary Economic Assessment by the end of the month.
The facility aims to test a new lithium minerals process developed by the company over the past year.
About 90% of China’s rare earth producers are currently operating at a loss as prices for the coveted elements continue to drop due to a global glut and illegal mining.
While analyst predict a rebound in hard-hit rare earth prices later this year, it is still unclear whether companies outside China, the world’s largest producer, will be able to challenge its dominance.
The miner is spending $1.3 million in exploration work aimed to reopen a historic tin-indium mine in Nova Scotia.
Drilling is scheduled to commence in early July.
The company plans to use the net proceeds from the offering for general corporate purposes, including funding ongoing operations and/or capital requirements, and discretionary capital programs.
Explorer advancing what would be Canada's first rare earth mine is up 80% in three months.