Rare Element Resources Announces Trading of Common Shares on OTCQB Marketplace
February 29, 2016 (Source) — Rare Element Resources Ltd. (“Rare Element” or the “Company”) (OTCQB: REEMF) announced today that its common shares commenced trading on the OTCQB Venture Marketplace under the symbol “REEMF” effective at the market open on Monday, February 29, 2016. OTCQB Venture Marketplace is focused on development stage U.S. and international companies that are current in their regulatory reporting and provide timely news and disclosures to investors.
The Company’s common shares were delisted from the NYSE MKT prior to the start of trading today following an announcement by the Company on February 1, 2016, of its intention to voluntarily delist from the NYSE MKT and transition to the OTC Pink marketplace. The Company was since notified that it met the requirements to have its common shares trade on the OTCQB marketplace, particularly with its commitment to continue financial disclosures compliant with U.S. Securities and Exchange Commission (“SEC”) reporting requirements.
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As previously announced, the Company is implementing various cost containment measures in the current, difficult capital and rare earth market environments. Rare Element is also reviewing potential strategic alternatives that could assist in maximizing shareholder value during these challenging market conditions.
Rare Element Resources Ltd. is a publicly traded, strategic materials company focused on delivering rare earth products for technology and defense applications by advancing the Bear Lodge Critical Rare Earth Project in northeast Wyoming. Bear Lodge is a significant mineralized district containing many of the less common, more valuable, critical rare earths that are essential for electronics, fiber optics, laser systems for health and defense, as well as many evolving green technologies, like hybrid cars, solar panels and wind turbines. The Company is an affiliate member of the U.S. Department of Energy’s Critical Materials Institute, a combined government and private sector organization committed to eliminating supply chain issues for rare earths and other critical elements.
This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking statements are usually identified by our use of certain terminology, including “will,” “believes,” “may,” “expects,” “should,” “seeks,” “anticipates,” “plans,” “has potential to,” or “intends,” or by discussions of strategy or intentions. Such forward-looking statements include statements regarding the filing of future periodic reports with the SEC and the potential for pursuing and securing strategic alternatives. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s ability to remain compliant with SEC reporting requirements, market conditions, and other matters discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, and our other periodic and current reports filed with the SEC and available on www.sec.gov and with the Canadian securities commissions available on www.sedar.com. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other uncertainties and risk factors set out in our filings made from time to time with the SEC and the Canadian regulators, including, without limitation, our reports on Form 10-K and Form 10-Q. We expect that the above estimates will change as new information is received and that actual results will vary from these estimates, possibly by material amounts. While we may elect to update our forward-looking information at any time, we do not undertake to update such information at any particular time or in response to any particular event. Investors and others should not assume that any forecasts in this press release represent management’s estimate as of any date other than the date of this press release.
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