Harena Resources Announces £1.2 Million Fundraising and Board Restructuring

Citius Resources PLC ( (GB:HREE) ) has issued an update.

Harena Resources Plc has announced a proposed fundraising of up to £1.2 million through a placing of new ordinary shares, aimed at advancing the Ampasindava Project in Madagascar. The company also plans significant board changes, with the appointment of Ivan Murphy and Paul Richards, both of whom have extensive knowledge of the project, as Non-Executive Chairman and Director respectively. The proceeds from the fundraising will be used to progress key milestones for the project, including feasibility and environmental studies, and provide additional working capital. The appointment of Allenby Capital as joint broker and financial adviser is also expected to strengthen the company’s financial strategy.

Spark’s Take on GB:HREE Stock

According to Spark, TipRanks’ AI Analyst, GB:HREE is a Underperform.

Citius Resources PLC faces critical financial and technical challenges, with no revenue and poor market indicators dominating the outlook. While positive corporate events suggest potential upside, these factors are overshadowed by the company’s ongoing financial distress and negative technical trends.

To see Spark’s full report on GB:HREE stock, click here.

More about Citius Resources PLC

Harena Resources Plc is a rare earths exploration and development company focused on the Ampasindava Ionic Clay Rare Earth Project in Madagascar. The project is notable for hosting one of the largest ionic clay rare earth deposits outside of China, with significant concentrations of high-value magnet metals. Harena aims to provide a sustainable supply of critical minerals for the global energy transition and military defense industries.

Average Trading Volume: 359,853

Technical Sentiment Signal: Sell

Current Market Cap: £5.79M

For an in-depth examination of HREE stock, go to TipRanks’ Overview page.