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Rare Element Files Canadian Preliminary Shelf Prospectus to Replace Expiring Shelf Prospectus from 2013

by User Not Found | Aug 24, 2015

Continues to Provide Financing Options as the Bear Lodge Project Advances

August 24, 2015 - Lakewood, Colorado - Rare Element Resources Ltd. (NYSE MKT: REE and TSX: RES) (the “Company”), a publicly traded, strategic materials company focused on delivering rare earth products for technology and defense applications by advancing the Bear Lodge Critical Rare Earth Project in northeast Wyoming, announced today that it has filed a preliminary short form base shelf prospectus with securities regulatory authorities in the provinces of British Columbia, Alberta and Ontario (the “Qualifying Jurisdictions”) to replace the Company’s short form base shelf prospectus previously filed in July, 2013. Upon the Company filing and receiving a receipt for its final short form base shelf prospectus (the “Canadian Shelf”), from the securities regulatory authorities in the Qualifying Jurisdictions, the Company will be able to offer and sell, from time to time in one or more public offerings in the Qualifying Jurisdictions, up to the equivalent of US$50 million of debt, equity, or other securities of the Company during the 25-month period that the Canadian Shelf, including any amendments thereto, remains effective.

“The replacement of our Canadian Shelf maintains the Company’s financing flexibility as we continue to move the Bear Lodge Project forward,” said Paul H. Zink, Senior Vice President and Chief Financial Officer.  The Canadian Shelf will complement a Shelf Registration Statement currently effective with the U.S. Securities and Exchange Commission with approximately US$30 million in remaining capacity. “Having effective shelf registrations in both countries can allow the Company to react quickly when market conditions warrant, helping to ensure continued and timely progress on important tasks like Project permitting, separation test work and advanced engineering,” he concluded.

The specifics of any future offering, along with the prices, terms and use of proceeds of any such securities offered by the Company, will be determined at the time of any such offering and will be described in detail in a prospectus supplement filed at that time.

The securities registered may not be sold, nor may offers to buy be accepted, prior to the time that the securities regulatory authorities of the Qualifying Jurisdictions have issued a receipt for the Canadian Shelf. 

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, in any state, province or jurisdiction. Any offering of the securities covered by the Shelf Registration Statement or the Canadian Shelf will only be made pursuant to the prospectus included in the Shelf Registration Statement or Canadian Shelf, respectively, and a related prospectus supplement containing specific information about the terms of any such offering.

Rare Element Resources Ltd. is a publicly traded, strategic materials company focused on delivering rare earth products for technology and defense applications by advancing the Bear Lodge Critical Rare Earth Project in northeast Wyoming.  Bear Lodge is a significant mineralized district containing many of the less common, more valuable, critical rare earths that are essential for electronics, fiber optics, laser systems for health and defense, as well as many evolving green technologies, like hybrid cars, solar panels and wind turbines. Permitting and feasibility work on the Project continues to advance.  The Company is an affiliate member of the U.S. Department of Energy’s Critical Materials Institute, a combined government and private sector organization committed to eliminating supply chain issues for rare earths and other critical elements.

Copies of the preliminary short form base shelf prospectus may be obtained at www.sedar.com, or at the Company’s website at www.rareelementresources.com or by contacting Robbin Lee at 720-278-2462 or rlee@rareelementresources.com. Please contact Robbin Lee at 720-278-2462, or rlee@rareelementresources.com, for additional information.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking statements are usually identified by our use of certain terminology, including "will", "believes", "may", "expects", "should", "seeks", "anticipates", "plans", "has potential to", or "intends" or by discussions of strategy or intentions. Such forward-looking statements include statements regarding the impact of the Canadian Shelf and our U.S. Shelf Registration Statement on our financing flexibility and ability to move the Bear Lodge Project forward, as well as statements regarding the acceptance of the Canadian Shelf by the securities regulatory authorities in the Qualifying Jurisdictions, and any future offering of securities of the Company under the Canadian Shelf. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results or achievements to be materially different from any future results or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the progress of our Bear Lodge Project, fluctuations in demand for, and price of, rare earth products; success of process technology under testing; timing of and unexpected events at the Bear Lodge property; delay or failure to receive government approvals and permits; changes in U.S. and Canadian securities markets; our ability to obtain financing under the shelf registration statements; the market for securities offered under the Canadian Shelf and general economic conditions. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other risk factors as set out in our filings made from time-to-time with the U.S. Securities and Exchange Commission and the Canadian securities regulators, including without limitation, the Company’s most recent reports on Form 10-K and Form 10-Q. We do not undertake to update any statements or estimates at any particular time or in response to any particular event, other than in accordance with applicable law.  Investors and others should not assume that any forecasts in this news release represent management’s estimates as of any date other than the date of this news release.

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Rare Element Resources
Fact Sheet

Rare Element Resources
Technology Fact Sheet

Most Recent Presentation
The MoneyShow Orlando

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Money Show Orlando - October 2023

Technical Report Summary on Bear Lodge REE Project

Updated Mineral Resource for Bear Lodge Focused on Key Magnet Materials


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Open House – October 09, 2023

State and community leaders joined Senator Barrasso, Neal Blue and Brent Berg with the ceremonial groundbreaking shovel

Ceremonial groundbreaking with Senator Barrasso, state and community leaders, Neal Blue (GA) and Brent Berg (RER) 

The Company and General Atomics (GA), supported by state and community leaders, celebrated a ceremonial groundbreaking for their rare earth demonstration plant.

The presentation at the Open House made by Mr. Berg can be found here.

For a summary of the event, please click here.

Please click here to see a video replay from the Newcastle News Letter Journal of the event.

CEO Corner

Commentary from Kelli Kast,
Interim President, CEO and Director

Continuing Our Progress

As I step into the role of Interim President and Chief Executive Officer (“CEO”) for the coming weeks, I do so with confidence that we will seamlessly continue on the path the Board has set for us of progressing construction of the demonstration plant toward operations this summer, and in continuing to build awareness of the Company, the Bear Lodge Project, and the importance of establishing a secure domestic rare earth supply chain.

Please click here to read full content

Please click here to see appointed President and CEO Ken Mushinski's bio

Demo Plant Construction Update (2/20/24)

Utility Upgrades

Utilities Being Upgraded

Services to the site are being upgraded, including power, water and sewer, to support future plant operations.  Mild weather has allowed us to progress this and other outdoor work.

World-Class Technology Partner

General Atomics Fact Sheet
In 2017, an affiliate of General Atomics, one of the largest, most advanced technology companies in the world, took an equity position in Rare Element Resources.  Since that time, they have brought the full force of their technology development team enhance the Company's recovery/separation technology.
To learn more about General Atomics Click Here

Bear Lodge Panoramic
Sample Drilling
Core Samples

The Bear Lodge Project area is a significant mineralized district that contains one of the largest disseminated rare earth deposits in North America. This deposit contains many of the less common, more valuable rare earths that are essential for the magnet materials used in electronics, fiber optics, laser systems for health and defense, and many evolving green technologies, such as hybrid cars, solar panels and wind turbines. Rare Element Resources owns 100% of the Project. 

During the last few years, the Company, along General Atomics, whose affiliate is RER's majority shareholder, have been advancing their proprietary extraction/separation technology and have successfully produced commercial-grade neodymium/praseodymium (Nd/Pr) oxide in pilot-plant testing.  These materials are key components to the fast-growing, permanent magnet sector. The next step will be operations of a demonstration plant, which is currently under construction in Upton, WY.  Results generated from operating this plant will be used for the design and economic evaluation of a commercial rare earth processing facility. 

Project Highlights

  • Proprietary Rare Earth Extraction/Separation Technology – Successfully advanced the Company’s technology and produced neodymium/praseodymium (Nd/Pr) oxide in pilot-plant testing. Construction of a demonstration plant is currently underway to prove the scalability of the process and define the requirements for a commercial plant.
  • World-Class Technology Partner and Majority Shareholder – General Atomics, through its affiliate, is the majority shareholder in Rare Element Resources, is a technology leader with a proven track record of bringing new ideas to market.  Their understanding of the strategic role rare earths play in numerous advancing technologies makes them keenly aware of the need for a secure, domestic supply of rare earths. Their relationship within the U.S. Government have been essential to our ability to advance our technology.
  • Bear Lodge Project – Well-defined resource with excellent concentrations of the rare earth elements essential to high-strength, permanent magnets and the many industries that depend on them.  Two of those industries, electric vehicles and wind turbines, are expected to drive a doubling of demand for magnet materials in the next 10 years.
  • Strategic Location – Located in northeast Wyoming, the Bear Lodge Project has easy access to a major interstate, transcontinental rail, natural gas and low-power.  The area has existing infrastructure with a ready and skilled workforce.  The State of Wyoming has a rich history of mineral development and a pro-business focus, and its leaders are actively committed to economic diversification. 
  • Strong Federal and State Support – Both the Department of Energy (DOE) and the Wyoming Energy Authority (WEA) have shown their support for the Project through funding of over $26M for the demonstration plant.  The DOE continues to pursue ways to secure sources for material that will be key to industrial needs, especially those that support the country’s initiative of reducing carbon emissions, like electric vehicles and wind turbines. The WEA is supporting the State’s desire to diversify employment and understands that Wyoming can play a key role in developing a domestic supply chain – from minerals to magnets. 
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