Jan 19 (Reuters) - American Rare Earths Ltd ARR.AX :
* AMERICAN RARE EARTHS - CONVERTED ITS $1M THREE-YEAR CONVERTIBLE NOTE AT DEEMED PRICE OF $0.20 INTO 5M SHARES IN COBALT BLUE HOLDINGS
* AMERICAN RARE EARTHS- POST CONVERSION, WILL HOLD 6 MILLION SHARES IN COB VALUED AT $2.6 MILLION