Green Tech raises $3.25m financing
The San Jose-based company plans to use the funds to continue to evaluate and develop rare earth minerals projects in areas such as Mongolia.
“Rare earth minerals are critical to critical modern technologies. They are used in computers, cellphones, iPads, magnets, batteries, wind turbines, electric car batteries and solar panels,” said CEO John Shearer in a prepared statement. “With $3.25 million in available financing, we can breathe easier as we tackle the exciting projects we've sunk our hands into.”
“We are currently focused on the evaluation of promising prospects for rare earth minerals in Mongolia as well as other target rich locations. This funding will allow us to move aggressively to lock in opportunities as they mature,” concluded Shearer, says Market Watch.
GTSO has agreements in place for the evaluation and development of mineral assets on more than 17 000 acres in Mongolia that the company believes hold the potential for significant commercial production of rare earth minerals.
China, which produces more than 90% of the world's rare earths, has sparked worldwide fears of supply shortages with strict new export policies, sending prices soaring. GTSO is working to capitalise on these favourable new market dynamics by developing new sources of rare earths outside of China.
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