USA Rare Earth Completes $50 Million Series C Funding Round
20 May 2021
SIERRA BLANCA, TX, May 20, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Texas Mineral Resources Corp. (OTCQB: TMRC):
Texas Mineral Resources Corp. (TMRC), an exploration company targeting the heavy rare earths and a variety of other high-value elements and industrial minerals, is pleased to announce that pursuant to the terms of the 2019 Amended and Restated Option Agreement approved by TMRC shareholders, USA Rare Earth has fully funded its $10 million commitment to earn its 70% interest in the Round Top Heavy Rare Earth, Lithium and Critical Minerals Project in Hudspeth County, Texas and has exercised its option to acquire an additional 10% of the Round Top Project. As a result of the performance by USA Rare Earth pursuant to the 2019 Amended and Restated Option Agreement, we formed Round Top Mountain Development LLC to hold the joint venture interests of TMRC and USA Rare Earth. TMRC will own a 20% interest in Round Top Mountain Development LLC. All other corporate activities such as TMRC’s REE’s from coal initiatives as well as its New Mexico silver exploration project are not part of the USA Rare Earth JV and remain 100% with TMRC.
USA Rare Earth recently completed a Series C Funding round of $50 million and is now funded through the completion of the Definitive Feasibility Study (DFS), which includes the Pre-Feasibility Study (PFS), the Pilot Plant and a Demonstration Plant to be built at the Round Top site later this year which will include test heap leach pads and continuous ion exchange (CIX) processing. The Demonstration Plant will support the DFS and permitting as well as producing representative materials for evaluation by prospective customers. The Round Top joint venture has received construction stormwater permits from the Texas Commission on Environmental Quality (TCEQ) and has commenced a 20,000 tonne bulk sample to support the feasibility studies and the Demonstration Plant. USA Rare Earth will continue to explore additional financing as required with its advisors, Goldman Sachs and Bank of Montreal.
“USA Rare Earth continues to be an outstanding project partner and we are pleased to finalize our joint venture through the creation of the Round Top Mountain Development LLC,” commented Anthony Marchese, TMRC Chairman. “I have been impressed by their unwavering vision of helping the United States create a domestically based critical mineral supply chain. Their recently completed funding and the expertise of their financial advisors solidifies our belief that our joint venture will have the necessary resources to succeed.”
Highlights of the Mid- 2019 Round Top PEA Include:
About Texas Mineral Resources Corp.Texas Mineral Resources Corp.'s focus is to develop and commercialize, along with its joint venture partner USA Rare Earth LLC, its Round Top heavy-rare earth, technology metals, and industrial minerals project located in Hudspeth County, Texas, 85 miles southeast of El Paso. Additionally, the Company’s strategy is to develop alternative sources of strategic minerals through the processing of coal waste and other related materials as well as developing other domestic mining projects in more traditional metals. The Company’s common stock trades on the OTCQB U.S. tier under the symbol “TMRC.”
Company Contact:Texas Mineral Resources Corp. Anthony Marchese, Chairman E-mail: amarchese@tmrcorp.com
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