Rare Earth Minerals PLC Conversion of Loan Note (5124V)

TIDMREM

RNS Number : 5124V

Rare Earth Minerals PLC

31 January 2017

Rare Earth Minerals Plc.

("Rare Earth Minerals", "REM" or "the Company")

Conversion of Loan Note

Rare Earth Minerals (AIM/ISDX: REM; OTC: REMMY) has received notification of the conversion US$200,000 of its US$15 million convertible loan have been converted into 24,529,629 new ordinary shares in the Company at a price of 0.65 pence per share.

After this exercise, the outstanding balance of the convertible loan is US$12.95 million. The convertible loan has an interest rate of 5%, and the principal is convertible at 0.65 pence which represent a premium of 5 % over the closing price on 8 August 2016, the day before the loan note was announced.

Application will be made to the London Stock Exchange to admit the 24,529,629 new ordinary shares to trading on AIM. Admission of the new ordinary shares is expected to occur on or around 3 February 2017. The new ordinary shares will be admitted to trading on ISDX simultaneously with the admission to AIM. The new ordinary shares will rank pari passu with the existing ordinary shares.

For the purpose of the Disclosure and Transparency Rules, following the issue of shares detailed above the enlarged issued share capital of the Company will comprise 7,777,690,338 ordinary shares with no Ordinary Shares held in treasury. Therefore the above figure of 7,777,690,338 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in Rare Earth Minerals under the FCA's Disclosure and Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

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 For further information, 
  please contact 
 
 Rare Earth Minerals 
  plc                         [phone] 
 Andrew Suckling 
 Kiran Morzaria 
 
 WH Ireland Limited (NOMAD 
  & Broker)                   [phone] 
 James Joyce 
 James Bavister 
 
 Square1 Consulting           [phone] 
 David Bick 
 

About Rare Earth Minerals:

Rare Earth Minerals invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Rare Earth Minerals board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. REM's goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.

Rare Earth Minerals are major shareholders of the Sonora Lithium Project in northern Mexico and the Cinovec Lithium and Tin Project in the Czech Republic. Rare Earth Minerals portfolio also includes significant lithium-based investments the USA, Australia and Namibia. The Mexican and Czech deposits have published Indicated and Inferred Mineral Resources of 11.3 million tonnes of Lithium Carbonate Equivalent.

This information is provided by RNS

The company news service from the London Stock Exchange

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January 31, 2017 02:00 ET (07:00 GMT)