Arafura Rare Earths Completes First Tranche of AU$350 Million Share Placement
MT Newswires Live
May 29
Arafura Rare Earths (ASX:ARU) completed the first tranche of its AU$350 million share placement on Friday, according to a same-day filing with the Australian bourse.
In the first tranche, the company issued 675.1 million new ordinary shares to institutional and sophisticated investors to generate around AU$175.5 million before costs.
The second tranche, involving the issue of an additional 671 million shares to raise roughly AU$174.5 million, is subject to shareholder approval.
Shares of Arafura Rare Earths gained 2% in recent Friday trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.