ASX-listed Arafura Rare Earths, which is advancing the Nolans neodymium-praseodymium project in the Northern Territory, has upsized its placement from A$20-million to A$25-million, owing to strong demand.
The company has received firm commitments for a fully underwritten institutional placement of new shares at A$0.16 a share. About 156-million new shares will be issued under the placement.
Arafura reports that the placement was well supported, with high levels of institutional participation that included leading investor groups domestically and abroad.
The funds raised will be used for continued development of the Nolans project and for general working capital purposes, while targeting contractual close for project finance.