secwatch.observer — SEC 8-K summary
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Issuer:     RARE ELEMENT RESOURCES LTD (REEMF)
CIK:        0001419806
Form:       8-K
Filed at:   2021-10-14T23:59:59+00:00
Accession:  0001558370-21-013166
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1419806/000155837021013166/0001558370-21-013166-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1419806/000155837021013166/reemf-20211014x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-21-013166

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