By Doc Louallen
IMC Rare Earths Ltd. filed for an initial public offering.
The company is offering 4 million ordinary shares at an expected price of $4 to $6 per share.
A separate shareholder plans to resell 6.1 million ordinary shares. IMC Rare Earths will not receive any proceeds from those sales. The company has applied to list its shares on the NYSE American under the ticker symbol "IMC."
The exploration and mining company said it intends to use the proceeds to carry out planned exploration work at the Itarantim Project, which includes exploration and development activities, licensing, permitting and reporting, general and administrative expenses and working capital.
The company said the registered resale shares will make up a considerable portion of the public float and that sales of a substantial number of shares could weigh on the trading price after the IPO.
IMC Rare Earths reported a net loss of about $3.2 million for the year ended March 31, and said it has generated no cash from operations.
Write to Doc Louallen at Doc.Louallen@wsj.com