Quantum Rare Earth Developments Closes Financing

Quantum Rare Earth Developments Corp. (TSXV:QRE,FWB:BR3,OTCQX:QREDF) announced the closing of its private placement for total gross proceeds of $373,020. The Company also announced that the following were elected to the Board of Directors: Peter Dickie, Claude Dufresne, David Beling and Erin Chutter. Peter Dickie was appointed President, Chief Executive Officer and Secretary; Casey Forward was appointed Chief Financial Officer.

As quoted in the press release:

Each unit consists of one common share and one transferable share purchase warrant, each warrant entitling the holder to purchase one additional common share for a period of two years at a price of $0.25 per share.

Quantum Rare Earth Developments President and CEO Peter Dickie said:

Although challenging financial markets persisted throughout the year, we have succeeded in expanding the number of potential partners we are discussing the Elk Creek project with. With these discussions continuing on several fronts, we hope to reach a successful conclusion with one or more of the parties early in the new year.

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