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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Rare Earth | LSE:REG | London | Ordinary Share | KYG7386L1059 | ORD USD0.001 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 38.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMREG
RNS Number : 7045F
Rare Earths Global Limited
20 June 2012
Press Release 20 June 2012
Rare Earths Global Limited
("REG" or the "Company")
Rare Earths Global signs term sheet with Credit Suisse AG
for a Secured Loan Facility of up to US$50 million
Rare Earths Global Limited (AIM:REG), a leading mining services group focused on the extraction, separation, refinement and trading of rare earth elements, oxides and other related products, is pleased to announce that it has entered into a non-binding, indicative term sheet (the "Term Sheet") with Credit Suisse AG ("Credit Suisse") for a secured term loan facility of up to US$50 million and detachable warrants (the "Loan Facility").
The Loan Facility is subject to completion of due diligence and internal approvals. REG expects to be in a position to draw down on the facility by September 2012. The Company remains committed to both its domestic and international strategy as set out in its Admission Document published in March 2012. Admission to AIM has enhanced REG's status and profile and access to this facility will enable the Company to carry out its stated strategy which includes, inter alia, increasing the production capability at the Company's separation plant in Sanxie, providing additional funding for its rare earth trading subsidiary and increasing capacity in its mining services division.
Simon Ong, Chief Executive Officer of REG, commented: "We believe that this partnership with Credit Suisse demonstrates the strength of the Company's current business model and future growth potential. Admission to AIM has raised the profile of the Group and the Company will now be well positioned to exploit its stated strategy."
Entering into the Loan Facility remains subject to a number of conditions, including due diligence and the receipt of internal credit committee approvals by Credit Suisse, and the negotiation and execution of definitive documentation.
A further announcement will be released once the signing date has been agreed and drawdown date finalised which will also set out full details of the terms and conditions.
- Ends -
For further information:
Rare Earths Global Limited Simon Ong, Chief Executive Officer Tel: +86 755 8633 6388 Brian Ho, Finance Director www.rareearthsglobal.com Charles Stanley Securities Nominated Adviser & Broker Dugald J. Carlean / Carl Holmes Tel: +44 (0) 20 7149 6000 www.csysecurities.com
Media enquiries:
Abchurch Communications Limited Henry Harrison-Topham / Joanne Tel: +44 (0) 20 7398 7702 Shears henry.ht@abchurch-group.com www.abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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