Clara Resources Australia Limited Raises Up to $2.1 Million

Highlights:

• Clara Resources Australia Limited (ASX: CLX) is raising up to $2.1 million through a $0.42 million Placement and a 1-for-1 Accelerated Non-Renounceable Entitlement Offer (ANREO) to fund the Ashford Coking Coal Project.
• The funds will support drilling programs, a Preliminary Feasibility Study (PFS), and resource upgrades at the Ashford project, with the aim of advancing its development.
• The capital raise includes a successful institutional placement of approximately $0.9 million, with the retail component opening on 27 December 2024 and closing on 17 January 2025.

Clara Resources Australia Limited (ASX: CLX) is set to raise up to $2.1 million through a combination of a $0.42 million Placement and a 1-for-1 Accelerated Non-Renounceable Entitlement Offer (ANREO), aiming to fund significant advancements in its Ashford Coking Coal Project. The Capital Raising was launched with the aim to accelerate key initiatives, including a Preliminary Feasibility Study (PFS) and resource delineation drilling.

Key Aspects of the Capital Raise

The capital raise comprises two major components:

• $0.42 Million Placement: This component was completed successfully, securing approximately 70 million shares at $0.006 per share from institutional and sophisticated investors.
• $1.7 Million ANREO: This accelerated offer allows eligible retail and institutional shareholders to purchase additional shares, with the institutional component already securing about $0.9 million from around 150 million shares. The retail component is set to raise up to $0.8 million, providing further opportunities for shareholder participation.

The funds raised will primarily be used for advancing the Ashford Coking Coal Project, which includes resource upgrading and progressing towards a PFS, with plans for further project development activities.

Use of Funds and Future Plans

Clara’s Managing Director, Peter Westerhuis, emphasized the importance of this capital raise in enabling the company to fast-track development at the Ashford project. The raised funds will be instrumental in:

• Conducting drilling programs to upgrade the Ashford resource,
• Advancing project development to progress towards the PFS,
• Addressing working capital requirements, including debt repayment.

The offer is expected to close for retail shareholders by 17 January 2025, with shares set to be issued by 31 December 2024 for institutional investors. At the time of writing, Clara is progressing well in securing its financial targets, with further developments expected in the coming months.

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