U.S. Rare Earths raises $1.2 million through debt and equity financing

Deal proceeds used to advance properties in Idaho, Montana, Colorado

By Devika Patel

Knoxville, Tenn., Sept. 25 - U.S. Rare Earths, Inc. said it completed a $1.2 million debt and equity financing.

The company also raised $3.8 million in a 2011 private placement, bringing the total amount raised to $5 million.

Proceeds will be used to advance the company's portfolio of rare earth element properties in Idaho, Montana and Colorado, for its 2012 and 2013 drill programs and for general working capital.

The rare earths mining company is based in Lonoke, Ark.

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