Arafura Rare Earths Limited announces a placement and share purchase plan

Arafura Rare Earths Limited (ASX: ARU) announced that it had received firm commitments from Australian and international institutional and sophisticated investors to raise AU$121 million via placement. The placement comprised the issue of approx. 327.02 million fully paid ordinary shares at AU$0.37 per new share. The issue price denotes a 15.9% discount to the last trading price and a 15.1% discount to the five trading-day volume weighted average market price.

In addition to the placement, the company also announced Share Purchase Plan to the existing eligible shareholders, in which the company will raise a further approximately AU$12 million. Proceeds from both placement and share purchase plan will be used towards orders for long lead items, beginning of fabrication in readiness for main plant construction and early works, and provides a pathway for continuing engagement with strategic investors, offtake parties, and debt financiers via 2023.

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