American Rare Earths director shows support for company with on-market purchase

American Rare Earths Ltd (ASX:ARR) director Geoffrey Hill has shown confidence in the company’s exploration plans for the La Paz Rare Earths and Scandium Project in Arizona with an on-market purchase of shares. Hill has acquired 500,000 shares on December 15 and 16 in indirect interests for total consideration of A$38,127, increasing his total securities in the company to 77,860,461. A$2.4 million placement The company recently closed a successful placement which raised around A$2.4 million via 26.66 million shares at an issue price of A$0.09 per share. These funds will enable the company to advance exploration activities and metallurgical test-work as it works towards delivery of a Preliminary Economic Assessment (PEA) on the La Paz Project in Arizona USA in 2021. The placement also included a 1 for 2 free attaching option exercisable at A$0.15 with an expiry date of three years from the date of issue.