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USA Rare Earth Announces Appointment of David Bushi as Senior Vice President of Manufacturing
Globenewswire· 2025-06-05 11:00
Company Overview - USA Rare Earth, Inc. is constructing the first and largest fully domestic rare earth magnet supply chain in the U.S. [5] - The company is building a 310,000 square foot rare earth sintered neodymium magnet manufacturing facility in Stillwater, Oklahoma [5] - USA Rare Earth controls mining rights to the Round Top Mountain rare earth and critical minerals deposit in West Texas, which includes significant deposits of heavy rare earths and other critical tech minerals [5] Leadership Appointment - David Bushi has been appointed as Senior Vice President of Manufacturing, responsible for leading manufacturing operations at the Stillwater facility [1][3] - Mr. Bushi has over 25 years of large-scale manufacturing experience, including a recent role as Vice President of Manufacturing for CoorsTek [2] - His expertise is expected to be critical as the company scales up production early next year [3] Strategic Importance - The appointment of Mr. Bushi comes at a pivotal moment for the company, as it aims to build out its physical plant and improve operational efficiency [3] - The manufacturing operations in Stillwater are positioned to play a significant role in the U.S. effort to rebuild a reliable supply chain for critical minerals and neodymium magnets [3]
USA Rare Earth Announces Closing of $75 Million PIPE Financing
Globenewswire· 2025-05-05 11:01
Company Overview - USA Rare Earth, Inc. (USAR) is focused on building a vertically integrated domestic rare earth magnet production supply chain [5] - The company is constructing a 310,000 square foot rare earth sintered neo magnet manufacturing facility in Stillwater, Oklahoma [5] - USAR controls mining rights to the Round Top Mountain rare earth and critical minerals deposit in West Texas, which contains significant deposits of heavy rare earths such as dysprosium and terbium, along with other critical tech minerals [5] Recent Financing - USAR announced the closing of a private investment in public equity (PIPE) financing, raising total gross proceeds of $75 million from a single institutional investor [1] - The proceeds will be used to fund capital expenditures for the magnet manufacturing facility, as well as for working capital and operating expenses [1] Advisory and Legal Support - Cantor Fitzgerald & Co. acted as the lead placement agent for the private placement, with additional support from Cohen Capital Markets, Roth Capital Partners, LLC, and Jett Capital Advisors, LLC [2] - Legal counsel for USAR was provided by White & Case LLP, while Reed Smith LLP served as legal counsel to the placement agents [2]
USA Rare Earth Announces $75 Million PIPE Investment
Globenewswire· 2025-04-30 11:01
Core Viewpoint - USA Rare Earth, Inc. has entered into a securities purchase agreement to raise $75 million through a private investment in public equity (PIPE) to fund its magnet manufacturing facility and operational expenses [1][2]. Company Overview - USA Rare Earth is constructing a 310,000 square foot rare earth sintered neo magnet manufacturing facility in Stillwater, Oklahoma [7]. - The company controls mining rights to the Round Top Mountain rare earth and critical minerals deposit in West Texas, which contains significant deposits of heavy rare earths and other critical tech minerals [7]. - The company's products are essential for various industries, including defense, automotive, aviation, industrial, medical, and consumer electronics [7]. Financial Details - The PIPE will involve the issuance of approximately 8.55 million shares of common stock and pre-funded warrants for about 2.16 million shares, with a total purchase price of $75 million [2]. - The PIPE Warrants will allow the purchase of shares equal to 100% of the aggregate shares at a strike price of $7.00 per share, expiring six years from the issue date [2]. Investor Engagement - The CEO expressed satisfaction with the investor reception during the PIPE process, highlighting the importance of this funding for the first phase of the rare earth magnet facility [2]. - A special meeting of stockholders will be held to approve the issuance of the Warrant Shares, with majority support already secured [3]. Advisory and Legal Support - Cantor Fitzgerald & Co. acted as the lead placement agent for the private placement, with Cohen Capital Markets also involved [4]. - Legal counsel for USA Rare Earth was provided by White & Case LLP, while Reed Smith LLP served as legal counsel for the placement agents [4].