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Arafura Resources ( (AU:ARU) ) has shared an update.
Arafura Rare Earths Limited announced the successful results of its Share Purchase Plan (SPP), which closed with applications totaling $9.83 million, surpassing the initial target of $5 million. This capital raising effort, combined with a recent placement, brings the total funds secured to $89.8 million, supporting Arafura’s strategic goal of becoming a key player in the global rare earths market. The strong shareholder support highlights confidence in the company’s future and its role in diversifying the rare earths supply chain.
The most recent analyst rating on (AU:ARU) stock is a Hold with a A$0.19 price target. To see the full list of analyst forecasts on Arafura Resources stock, see the AU:ARU Stock Forecast page.
More about Arafura Resources
Arafura Rare Earths Limited operates in the rare earths industry, focusing on the production and supply of rare earth materials. The company aims to become a significant global supplier of rare earths, contributing to the diversification of the global supply chain.
Average Trading Volume: 11,973,351
Technical Sentiment Signal: Buy
Current Market Cap: A$706.9M
Learn more about ARU stock on TipRanks’ Stock Analysis page.