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RARE EARTH METALS CORP. ANNOUNCES CLOSING OF FINANCING
12/21/06
Vancouver , British Columbia , Canada . December 21, 2006 . Rare Earth Metals
Corp. (REM - TSX -V) (the “Company”) is pleased to announce that it has closed
the non-brokered private placement previously announced on October 31, 2006 .
The Company has raised an aggregate total of $800,000 through the issuance of
8,000,000 common shares. Each unit was sold at a price of 10 cents per common
share. Each unit consists of one share purchase warrant, with each whole warrant
entitling the holder thereof to purchase one common share of the Company at a
price of 15 cents at any time prior to December 20, 2007 .
All securities are subject to a four month hold
period and will expire April 20, 2007.
A commission was paid in respect of the closing of the financing in an aggregate
amount of $17,000 as well as 5,000 common shares, and 5,000 warrants entitling
the agent to acquire up to 5,000 common shares at a price of 15 cents per common
share until December 20, 2007.
Proceeds from this financing will be used for exploration activities on the
Company’s Manitoba VMS (copper zinc) properties in the Flin Flon-Snow Lake VMS
belt and for general working capital purposes. The financing is subject to
acceptance by the TSX Venture Exchange.
For more information call (604)986-2020 or toll free 1-866-816-0118, or visit
www.rareearthmetals.net.
On Behalf of the Board of Directors,
Rare Earth Metals Corp.
Richard Mark
CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this News Release
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