NYSE-Amex: REE & TSX-V: RES
VANCOUVER, Nov. 8 /PRNewswire/ - Rare Element Resources
Ltd. (TSX-V: RES and NYSE-Amex: REE) (the "Company" or
"Rare Element") received an additional $5,842,210 from the exercise of stock options,
warrants and agent's options between July 1,
2010 and October 31, 2010.
Rare Element currently has 34,840,965 common
shares issued and outstanding, and 39,327,823 common shares
outstanding on a fully diluted basis. Rare Element has
approximately $12.6 million in cash
and no debt as of October 31,
2010.
Rare Element now has 4,486,858 "in-the-money"
warrants and options outstanding which, if exercised, will
contribute an additional $11.6
million to the Company.
Location of Annual General and Special
Meeting to be held on December 13,
2010 and Shareholder Rights Plan
The annual general and special meeting of the
Company's shareholders will be held on Monday, December 13, 2010 at 10:00 a.m. (Pacific Standard Time) at the
Vancouver Club, located at 915 West Hastings Street, Vancouver, BC, Canada. Shareholders of
record as at the close of business on October 28, 2010 are entitled to notice of, and
to vote at, the meeting.
The Board of Directors proposed to add a
Shareholder Rights Plan agreement (the "Plan") and the Plan,
subject to regulatory approval, will be put to a shareholder vote
at the upcoming shareholder meeting.
The purpose of this Plan is to ensure the fair
treatment of all Rare Element shareholders in connection with any
possible future takeover bids for the outstanding common shares of
the Company. It also allows the Board and the shareholders
adequate time to properly evaluate and assess a takeover bid
without facing undue pressure or coercion. The Plan is
similar to the plans adopted by other Canadian companies and a copy
of the Plan will be filed on SEDAR.
The Plan has not been adopted in response to, or
in contemplation of, any specific proposal to acquire control of
Rare Element. The Plan provides the Board with additional
time to consider any takeover bid and, if applicable, to explore
alternative transactions in order to maximize shareholder
value. The Plan is not designed to prevent takeover bids that
treat Rare Element shareholders fairly. Pursuant to the terms
of the Plan, any bids that meet certain criteria intended to
protect the interest of all shareholders are deemed to be permitted
bids. A permitted bid must be made by way of as takeover bid
circular prepared in compliance with applicable securities laws
and, in addition to certain conditions, must remain open for 60
days. In the event a takeover bid does not meet the permitted
bid requirements of the Plan, the rights issued under the Plan will
entitle shareholders, other than any shareholder or shareholders
involved in the takeover bid, to purchase additional common shares
of Rare Element at a significant discount to the market price of
the common shares at that time.
Rare Element Resources Ltd (TSX-V: RES &
NYSE-Amex: REE) is a publicly traded mineral
resource company focused on exploration and development of
rare-earth elements and gold on the Bear Lodge property.
Rare-earth elements are key components of the
green energy technologies and other high-technology applications.
Some of the major applications include hybrid automobiles, plug-in
electric automobiles, advanced wind turbines, computer hard drives,
compact fluorescent light bulbs, metal alloys, additives in
ceramics and glass, petroleum cracking catalysts, and a number of
critical military applications. China currently produces more than 95% of the
130,000 metric tonnes of rare-earths consumed annually worldwide,
and China has been reducing its
exports of rare earths each year. The rare-earth market is growing
rapidly, and is projected to accelerate if the green technologies
are implemented on a broad scale.
ON BEHALF OF THE BOARD
Donald E. Ranta, PhD, PGeo,
President & CEO
This news release was prepared by Company management, who take
full responsibility for content. Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Rare Element Resources Ltd.
Copyright v. 8 PR Newswire