Australian Rare Earths raises cash
PERTH (miningweekly.com) – Junior Australian Rare Earths has announced a A$11.1-million capital raise to accelerate exploration activity at its Koppamurra project, in South Australia and Victoria.
Under the placement, the company would issue 24.6-million new shares at a price of 45c each, representing a 14.5% discount to its 15-day volume weighted average share price.
The shares will be placed in two tranches, with the first consisting of more than 23.6-million shares to raise A$10.65-million, and the second tranche to consist of 893 892 shares, which would be placed to directors and management, subject to shareholder approval.
Placement participants will receive one free attaching unlisted option on a one-for-three basis, exercisable at 57c each and with a two-year expiry date.
“This placement gives the company the balance sheet strength to continue the rapid progression of activity at Koppamurra,” said acting MD Rick Pobjoy.
“We are encouraged by the market’s endorsement of Koppamurra’s potential, as demonstrated by the strong volume of bids received from global and domestic institutions and appreciate the continued support of our loyal existing major shareholders. We welcome all new shareholders of Australian Rare Earths and look forward to a long and positive relationship with them. The placement broadens and strengthens the register and validates the potential of Australian Rare Earth’s ionic clay hosted rare earth deposit.”
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