American Rare Earths is new name for BPL, reflects La Paz project focus

American Rare Earths Limited (ASX:ARR) is the new name for Broken Hill Prospecting Ltd (ASX:BPL) and reflects the companys focus on its 100%‐owned La Paz Rare Earths Project in Arizona, USA.

The change of name is now complete with the New Zealand Companies Office and Australian Securities and Investments Commission each recording the new name and new ASX listing code will be ARR.

Placement funds

Fund from a recent placement to sophisticated and professional investors, which raised $500,000, will be used to fund the expansion, exploration and economic evaluation of the project.

At the time chairman Creagh OConnor said: “As BPL announced on March 12, 2020, the transformation of the company to developer with a world-class rare earth project is well underway.

“Rare earth is a key US strategic resource, which through its development is made available to provide its output for US-based processing.

“The potential opportunity to capitalise on growing developments in the REE market is substantial.

“We believe that localising the management and operations of the company in the US is an important step in ensuring the enhancement of value of the project and the company.”

Rights issue

This placement followed a successful rightsRead More – Source