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American Rare Earths said on Friday it has received and declined a proposal from a NASDAQ-listed special purpose acquisition company to acquire, by issue of shares, the company’s 100% owned subsidiary Wyoming Rare Inc for $400 million.the results of a scoping study for Halleck Creek, which confirms its potential to become a world-class rare earth element project. , Halleck Creek holds 2.
In a news release, the board of ARR are aware of the potential benefits of this type of proposal as it follows a similar successful pathway of MP Materials, who also achieved listing of Mountain Pass utilising a combination with a SPAC. “However, the Board is mindful of the significant potential of Halleck Creek, and the need to maximise returns to shareholders, while minimising dilution and has declined to advance at this time,” it said.
“The inbound interest received in American Rare Earths underscores the immense value and strategic significance of our Halleck Creek rare earth project,” ARR Chairman, Richard Hudson“As we navigate potential pathways for growth, we remain committed to maximising returns for our shareholders while advancing our mission of sustainable resource development,” Hudson said.
By market close Friday, American Rare Earths stock was up over 16% on the ASX. The company has a A$155 million market capitalization.Plumbian orthoclase is useful as an indicator mineral, which helps geologists locate and assess the presence of certain ore deposits.Copper price hits $10,000/t as BHP bid shows tight supply pipelineUnder takeover rules, BHP is required to either make a solid offer for Anglo American by May 22 or walk away.
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