Rare Earths Americas announces IPO

Rare Earths Americas has filed a registration statement with the Securities and Exchange Commission (SEC) relating to a proposed initial public offering.

In a press release Tuesday, the company said it intends to list its shares of common stock on the NYSE American under the ticker symbol “REA.”

The timing of the offering, number of shares of common stock to be offered and the price range for the proposed offering have not yet been determined, the company said, adding that the IPO is subject to market conditions, completion of the SEC’s review and other customary conditions.

Cantor will act as lead bookrunning manager, and Stifel will also act as a bookrunner. Canaccord Genuity and B. Riley Securities are acting as co-managers in the transaction.

Rare Earths Americas said it intends to use the net proceeds from the offering to mainly fund its Shiloh project in Georgia, US, including land acquisitions, drilling and permitting, and two projects in Brazil, Alpha in Bahia and Constellation in Minas Gerais.

The remaining net proceeds will be used for its “non-material exploration projects”, including Homer and Liberty Peak, also in Brazil, it added.