Rare Element Resources borrows $1M from largest shareholder Synchron via 8% promissory note

RARE ELEMENT RESOURCES LTD

Borrowed $1,000,000 from Synchron (48.3% owner) via promissory note; 8% interest, matures Oct 1, 2022 or upon ≥$25M equity financing.
Proceeds used for demonstration plant costs, rights offering expenses, and general corporate purposes.
Note includes registration rights for Synchron on any common shares acquired; exempt from registration under Section 4(a)(2) and Rule 506.
Loan is a related party transaction under MI 61-101, exempt from formal valuation and minority approval due to size.
Company must use commercially reasonable efforts to complete a ≥$25M equity financing.

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