US Rare Earths secures $4 million financing

US Rare Earths has secured $4 million in financing through a private placement completed earlier this week.

The company has mining claims in Idaho, Montana, and Colorado and will use the funds for exploration, drilling, and preliminary design and engineering work.

The private placement sold at $2 per share, for a total of 1,977,500 shares.

"The funds allow us to not only continue, but also expand our development of the Company's premier properties in Colorado, Idaho and Montana, including our Phase I drilling and exploration of the Lemhi Pass," said US Rare Earths Chairman, Victor Lattimore in a statement. "Our primary focus remains on creating American independence and sustainability as it pertains to the supply of Critical Rare Earth Elements."

The US has been trying to wean itself off of foreign – particularly Chinese – rare earths supply. The US Geological Survey (USGS) has been tasked with uncovering domestic supplies of REE.