0001052918-13-000404.txt : 201312240001052918-13-000404.hdr.sgml : 2013122420130930111836ACCESSION NUMBER:0001052918-13-000404CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:5CONFORMED PERIOD OF REPORT:20130927ITEM INFORMATION:Other EventsITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20130930DATE AS OF CHANGE:20130930

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:RARE ELEMENT RESOURCES LTDCENTRAL INDEX KEY:0001419806STANDARD INDUSTRIAL CLASSIFICATION:GOLD & SILVER ORES [1040]IRS NUMBER:000000000STATE OF INCORPORATION:A1FISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-34852FILM NUMBER:131121955

BUSINESS ADDRESS:STREET 1:225 UNION BLVDSTREET 2:SUITE 250CITY:LAKEWOODSTATE:COZIP:80228BUSINESS PHONE:720-278-2460

MAIL ADDRESS:STREET 1:225 UNION BLVDSTREET 2:SUITE 250CITY:LAKEWOODSTATE:COZIP:80228

8-K1rer8ksep2713.htmRARE ELEMENT RESOURCES LTD. FORM 8-K

Rare Element Resources, Ltd.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 27, 2013

RARE ELEMENT RESOURCES LTD.

(Exact name of registrant as specified in its charter)

British Columbia, Canada

001-34852

Not applicable

(State or other jurisdiction of incorporation or organization)

(Commission

File Number)

(I.R.S. Employer Identification Number)

225 Union Blvd., Suite 250

Lakewood, Colorado

80228

(Address of principal executive offices)

(Zip Code)

Registrants telephone number, including area code: (720) 278-2460

Check the appropriate box below if the Form8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General InstructionA.2. below):

Written communications pursuant to Rule425 under the Securities Act (17CFR230.425)

Soliciting material pursuant to Rule14a-12 under the Exchange Act (17CFR240.14a-12)

Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17CFR240.14d-2(b))

Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17CFR240.13e-4(c))

ITEM8.01 Other Events.

On September 27, 2013, Rare Element Resources Ltd. (the Company) closed the sale of securities described in the Form 8-K filed on September27, 2013. The securities were offered and sold in a registered direct offering pursuant to an effective shelf registration statement on Form S-3 (Registration No. 333-189235) and a prospectus supplement dated September 24, 2013 to the base prospectus dated July 30, 2013.

The legal opinions of Fasken Martineau DuMoulin LLP and Davis Graham & Stubbs LLP relating to the legality of the issuance and sale of the shares of the securities are attached as Exhibits5.1 and 5.2 to this Current Report on Form 8-K.

ITEM9.01 Financial Statements and Exhibits.

(d) Exhibits.

ExhibitNo.

Description

5.1

Opinion of Fasken Martineau DuMoulin LLP

5.2

Opinion of Davis Graham & Stubbs LLP

23.1

Consent of Fasken Martineau DuMoulin LLP (included in Exhibit 5.1 above)

23.2

Consent of Davis Graham & Stubbs LLP (included in Exhibit 5.1 above)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: September 27, 2013

RARE ELEMENT RESOURCES LTD.

By:

/s/ David Suleski

David Suleski

Chief Financial Officer

EXHIBIT INDEX

ExhibitNo.

Description

5.1

Opinion of Fasken Martineau DuMoulin LLP

5.2

Opinion of Davis Graham & Stubbs LLP

23.1

Consent of Fasken Martineau DuMoulin LLP (included in Exhibit 5.1 above)

23.2

Consent of Davis Graham & Stubbs LLP (included in Exhibit 5.1 above)

EX-52ex51.htmOPINION AND CONSENT

Exhibit 5.1

September 27, 2013

Rare Element Resources Ltd.

225 Union Boulevard

Suite 250

Lakewood, CO 80228

Dear Sirs and Mesdames:

Re: Registration Statement on Form S-3 (No. 333-189235)

We have acted as Canadian counsel to Rare Element Resources Ltd., a British Columbia corporation (the Company), in connection with the issue and sale today by the Company (the Offering) of an aggregate of 2,677,376 units of the Company (the Initial Units)at a price of US$2.988 per Initial Unit, with each Initial Unit being comprised of one common share in the capital of the Company (each an Initial Share and, collectively, the Initial Shares) and one-half of one common share purchase warrant (each whole common share purchase warrant being an Initial Warrantand, collectively, the Initial Warrants), or an aggregate of 2,677,376 Initial Shares and 1,338,688 Initial Warrants. Each whole Initial Warrant entitles the holder thereof to purchase one common share (subject to adjustment in certain circumstances) in the capital of the Company (each an Initial Warrant Share and, collectively, the Initial Warrant Shares)at a price of US$4.15 for a period expiring three years following the date hereof. In addition, the Company has also granted to each of the purchasers under the Offering an oversubscription right (the Oversubscription Option), exercisable by each such purchaser within 60 days following the date hereof, to purchase up to an aggregate maximum of 1,606,426 additional units of the Company (the Additional Units)at a price of no less than US$2.49 per Additional Unit, with each Additional Unit being comprised of one common share in the capital of the Company (each an Additional Share and, collectively, the Additional Shares) and one-half of one common share purchase warrant (each whole common share purchase warrant being an Additional Warrantand, collectively, the Additional Warrants), or up to an aggregate maximum of 1,606,426 Additional Shares and up to an aggregate maximum of 803,213 Additional Warrants. Each whole Additional Warrant entitles the holder thereof to purchase one common share (subject to adjustment in certain circumstances) in the capital of the Company (each an Additional Warrant Share and, collectively, the Additional Warrant Shares)at a price of not less than US$3.46 for a period expiring three years following the date of the issuance of the Additional Units.

The Initial Shares, Initial Warrants, Initial Warrant Shares, Additional Shares, Additional Warrants and Additional Warrant Shares are registered under a registration statement on Form S-3, as amended, under the Securities Act of 1933, as amended (the Act), filed with the Securities and Exchange Commission (the Commission) on June 11, 2013 (File No. 333-189235) (the Registration Statement), a base prospectus dated July 30, 2013 (the Base Prospectus) and a final prospectus supplement dated September 24, 2013, filed with the Commission pursuant to Rule 424(b) under the Act (together with the Base Prospectus, the Prospectus). The Initial Shares and the Initial Warrants, as well as any Additional Shares and Additional Warrants, are being sold pursuant to a Placement Agent Agreement dated September 24, 2013 by and between H.C. Wainwright & Co., LLC (the Agent) and the Company (the Agent Agreement) and a Securities Purchase Agreement dated September 24, 2013 among certain purchasers and the Company (the

Page 2

Purchase Agreement). The Initial Shares and the Initial Warrants, as well as any Additional Shares and Additional Warrants, will be issued separately but will be purchased together in the Offering.

Pursuant to the Agent Agreement, the Company will also issue to the Agent warrants (the Initial Agent Warrants) for the purchase of 133,869 common shares of the Company (the Initial Agent Warrant Shares)and, if the Oversubscription Option is exercised, additional warrants (Oversubscription Agent Warrants and together with the Initial Agent Warrants, the Agent Warrants) to purchase 5% of the number of Additional Shares sold upon the exercise of the Oversubscription Option, or up to a maximum aggregate of 80,321 common shares of the Company (the Oversubscription Agent Warrant Shares and, together with Initial Agent Warrant Shares, the Agent Warrant Shares). The Initial Agent Warrants and the Oversubscription Agent Warrants will have the same terms and conditions as the Initial Warrants and the Additional Warrants, respectively.

This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or the Prospectus, other than as expressly stated herein with respect to the issue of the Initial Shares, the Initial Warrants, the Initial Warrant Shares, the Additional Shares, the Additional Warrants, the Additional Warrant Shares, the Agent Warrants and the Agent Warrant Shares.

In order to render our opinions, we have examined and are relying on originals or copies of the following documents:

(a)

the executed Purchase Agreement;

(b)

an executed copy of the certificates representing the Initial Warrants (the Initial Warrant Certificates);

(c)

an executed copy of the certificates representing the Initial Agent Warrants (the Initial Agent Warrant Certificates);

(d)

the form of certificate representing the Additional Warrants and the Oversubscription Agent Warrants (the Form of Additional Warrant Certificate);

(e)

an officers certificate of the Company (the Company Certificate) dated the date hereof certifying matters relating to, among other things, (i)the notice of articles and articles of the Company, (ii)resolutions passed by the board of directors of the Company with respect to, among other things, the Offering and the issuance and sale of the Initial Shares, the Initial Warrants, the Initial Warrant Shares, the Additional Shares, the Additional Warrants, the Additional Warrant Shares, the Agent Warrants and the Agent Warrant Shares,and(iii) certain other factual matters; and

(f)

a certificate of good standing (the Certificate of Good Standing) dated September 26, 2013 issued under the Business Corporations Act (British Columbia) in respect of the Company.

We have also examined originals or copies, certified or identified to our satisfaction, of such other documents as we have deemed necessary or relevant as a basis for the opinions expressed below and we have considered such questions of law and have made such other investigations and inquiries as we considered necessary or relevant as a basis for our opinions.

The opinions expressed herein are limited to the statutes and regulations of the Province of British Columbia and of Canada applicable therein having the force of law on the date hereof.

Page 3

As a basis for our opinions, we have made the following assumptions and have relied upon the following: (i) all signatures on documents submitted to us are genuine, all documents submitted to us as originals are authentic and complete, and all documents submitted to us as copies conform to authentic and complete original documents; (ii) none of the documents, originals or copies of which we have examined, has been amended, supplemented or revoked; (iii) all facts set forth in official public records and certificates and other documents supplied by public officials or otherwise conveyed to us by public officials are complete, true and accurate as of, and at all material times prior to, the date of this opinion letter; (iv) all matters of fact and statements and representations made in the Company Certificate are complete, true and accurate as of, and at all material times prior to, the date of this opinion letter; (v) all relevant individuals had full legal capacity at all relevant times; and (vi) a certificate of good standing bearing todays date but otherwise identical to the Certificate of Good Standing referred to above would be available if requested.

Whenever our opinion refers to Initial Shares, Initial Warrant Shares, Additional Shares, Additional Warrant Shares or Agent Warrant Shares as being fully paid and non-assessable, no opinion is expressed as to actual receipt by the Company of the consideration for the issuance of such shares or as to the adequacy of any consideration received.

On the basis of the foregoing and subject to the qualifications and limitations hereinafter expressed, we are of the opinion that as of the date hereof:

1.

All necessary corporate action has been taken by the Company to authorize the issuance of the Initial Shares and the Initial Warrants and, subject to the Company receiving US$2.988 per Initial Unit as consideration for the issue thereof, when issued the Initial Shares and the Initial Warrants will be duly and validly issued and, in the case of the Initial Shares, will be outstanding as fully paid and non-assessable common shares in the capital of the Company.

2.

All necessary corporate action has been taken by the Company to allot and reserve, and to authorize the issuance of, the Initial Warrants Shares and, when issued upon the due exercise of the Initial Warrants in accordance with the terms of the Initial Warrant Certificates including the receipt by the Company of the consideration for the issue of each Initial Warrant Share as set forth in the Initial Warrant Certificates, the Initial Warrant Shares will be duly and validly issued and will be outstanding as fully paid and non-assessable common shares in the capital of the Company.

3.

All necessary corporate action has been taken by the Company to allot and reserve and authorize the issuance of the Additional Shares and to authorize the issuance of the Additional Warrants upon the due exercise of the Oversubscription Option in accordance with the Purchase Agreement and, subject to the Company receiving the consideration per Additional Unit as determined in accordance with the Purchase Agreement as consideration for the issue of the Additional Units, when issued the Additional Shares and the Additional Warrants will be duly and validly issued and, in the case of the Additional Shares, will be outstanding as fully paid and non-assessable common shares in the capital of the Company.

4.

All necessary corporate action has been taken by the Company to allot and reserve, and to authorize the issuance of, the Additional Warrant Shares and, upon the due exercise of the Additional Warrants in accordance with the terms of the Form of Additional Warrant Certificate including the receipt by the Company of the consideration for the issue of each Additional Warrant Share determined in accordance with the Purchase Agreement and the Form of Additional Warrant Certificate, when issued the Additional Warrant Shares will be duly and validly issued and will be outstanding as fully paid and non-assessable common shares in the capital of the Company.

5.

All necessary corporate action has been taken by the Company to authorize the issuance of the Agent Warrants. The Initial Agent Warrants have been duly and validly issued by the Company and, when

Page 4

issued upon the due exercise of the Oversubscription Option in accordance with the Purchase Agreement, the Oversubscription Agent Warrants will be duly and validly issued by the Company.

6.

All necessary corporate action has been taken by the Company to allot and reserve, and to authorize the issuance of, the Agent Warrant Shares and, when issued upon the due exercise of the Initial Agent Warrants in accordance with the terms of the Initial Agent Warrant Certificates or the due exercise of the Oversubscription Agent Warrants in accordance with the terms of the Form of Additional Warrant Certificate, including the receipt by the Company of the consideration for the issue of each Agent Warrant Share as determined in accordance with the Purchase Agreement and the Initial Agent Warrant Certificates or the Form of Additional Warrant Certificate (as the case may be), the Agent Warrant Shares will be duly and validly issued and will be outstanding as fully paid and non-assessable common shares in the capital of the Company.

This opinion is intended solely for the use of the addressees hereof and is being delivered in connection with the transaction described herein and must not be relied upon by any other person or in connection with any other transaction, quoted from or referred to in any other documents or furnished (either in its original form or by copy) to any other party, without our prior written consent. We assume no obligation to revise or supplement this opinion letter should applicable laws be changed subsequent to the date hereof by legislative action, judicial decision or otherwise or if there is a change in any fact or facts after the date hereof.

We hereby consent to the filing of this opinion as an exhibit to the Companys Current Report on Form 8-K filed with the Commission on the date hereof and the incorporation thereof in the Registration Statement and to the use of our name under the caption Legal Matters in the Prospectus. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission promulgated thereunder. This opinion letter is limited to the specific opinions addressed herein as of the date hereof.

Yours very truly,

/s/Fasken Martineau DuMoulin LLP

EX-53ex52.htmOPINION AND CONSENT

Exhibit 5.2

September 27, 2013

Rare Element Resources Ltd.

225 Union Boulevard, Suite 250

Lakewood, CO 80228

Ladies and Gentlemen:

Reference is made to the Registration Statement on Form S-3 (File No. 333-189235) (the Registration Statement), of Rare Element Resources Ltd., a British Columbia corporation (the Company), declared effective by the U.S. Securities and Exchange Commission (the Commission) under the Securities Act of 1933, as amended (the Securities Act), and the prospectus dated July 30, 2103 included in it (the Base Prospectus), as supplemented by the prospectus supplement dated September 24, 2013 (the Final Prospectus Supplement, and as so supplemented, the Final Prospectus), covering 4,283,802 common shares (the Shares) of the Company, no par value per share (the Common Shares) and warrants (the Warrants) to purchase up to 2,356,091 common shares (the Warrant Shares). The Warrants are being sold (i) certain purchasers pursuant to a Securities Purchase Agreement dated September 24, 2013 (the SPA) and a Form of Common Stock Purchase Warrant (the Form of Warrant) and (ii) to H.C. Wainwright & Co., LLC, the placement agent in the offering, pursuant to an Agency Agreement dated September 24, 2013 (the Agency Agreement). The SPA, Form of Warrant and Agency Agreement (collectively, the Transaction Documents) have been filed as Exhibits to a Current Report on Form 8-K of the Company filed on September 27, 2013, which was incorporated by reference into the Registration Statement and the Final Prospectus.

This opinion is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act.

We have examined such documents and considered such legal matters as we have deemed necessary and relevant as the basis for the opinion set forth below. With respect to such examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as reproduced or certified copies, and the authenticity of the originals of those latter documents. As to questions of fact material to this opinion, we have, to the extent deemed appropriate, relied upon certain representations of certain officers and employees of the Company. We have further assumed the due execution and delivery of each Transaction Document by the parties thereto, other than the Company (the Other Parties), that all Other Parties are duly organized, validly existing and in good standing under the jurisdictions of their organization, that the Transaction Documents have been duly authorized by and constitute the

Rare Element Resources Ltd.

September 27, 2013

Page 2

valid and binding obligations of the Other Parties and are enforceable against the Other Parties in accordance with their terms.

Based upon the foregoing, we are of the opinion that the Warrants, when issued and sold as contemplated in the Registration Statement, the Final Prospectus and the Transaction Documents, will be valid and legally binding obligations of the Company, enforceable against the Company in accordance with their terms, except as enforcement thereof may be limited by bankruptcy, reorganization, insolvency, moratorium, fraudulent conveyance, debtor and creditor, and similar laws, which relate to or affect creditors rights generally, and by general principles of equity (including without limitation, concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether considered in a proceeding in equity or at law).

This opinion is limited to the laws of the State of New York. We hereby consent to your filing of this opinion with the Commission as an exhibit to a Current Report on Form 8-K to be incorporated by reference in the Registration Statement and to the use of our name under the caption Legal Matters in the Final Prospectus. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act, or the rules and regulations promulgated thereunder.

This opinion is limited to the matters expressly set forth herein. This opinion is given and speaks only as of the date hereof and is limited to our knowledge of the facts and the laws, statutes, rules and regulations, and judicial and administrative interpretations thereof, as currently in effect. We assume no obligation to advise any party of changes of any kind that may hereafter be brought to our attention, even if such changes would affect our opinion, or to update or supplement this opinion after the date hereof.

Very truly yours,

/s/ Davis Graham & Stubbs LLP

DAVIS GRAHAM & STUBBS LLP

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