December 21, 2006 14:52 ET

Rare Earth Metals Corp. Announces Closing of Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 21, 2006) - Rare Earth Metals Corp. (TSX VENTURE:REM) (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.

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.

Contact Information

  • Rare Earth Metals Corp.
    Richard Mark
    (604) 986-2020 or Toll Free: 1-866-816-0118
    Website: www.rareearthmetals.net