Arafura Resources Limited (AU:ARU) has released an update.
Arafura Rare Earths Limited has successfully secured A$20 million through a fully underwritten institutional placement, issuing 125 million new shares at A$0.16 each to support its funding initiatives and critical path activities. The placement attracted strong institutional interest and will be completed in two tranches, with the first not requiring shareholder approval and the second contingent on it. Additionally, the company has introduced a Share Purchase Plan targeted at raising A$7 million, with the opportunity for oversubscriptions up to A$3 million, at the same offer price for existing shareholders in Australia and New Zealand.
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