Arafura Resources Limited (AU:ARU) has released an update.
Arafura Rare Earths Limited has initiated a capital raise of A$20 million through a fully underwritten placement, targeting sophisticated and institutional investors, along with a Share Purchase Plan (SPP) aiming for an additional A$7 million, which may accept oversubscriptions up to A$3 million. The funds are intended to advance the development of the Nolans Project, with a focus on strategic equity funding and offtake initiatives to reach Final Investment Decision (FID). This financial endeavor is set to provide the company with a cash runway until mid-2025 and will support critical path activities and general working capital.
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