Rare Earth Minerals has subscribed for 6.5m new shares at A$0.10 per share in Auroch Minerals Ltd, a company listed on the Australian stock exchange.
- Rare Earth Minerals has agreed to acquire 7.7% of in Auroch through a A$650,000 share subscription
- Auroch focusing current activities over five prospecting license, which have been applied for, in Namibia which are highly prospective for lithium
- Auroch has a strong financial position: A$6.4 million in a cash and A$2 million in receivables
- Auroch's balance sheet will be used to support an aggressive exploration programme targeting high-grade lithium deposits in Namibia