Alara's $30 million placement a success

Perth-based diversified explorer Alara Resources has completed a $30.4 million capital raising through a 36 cents per share placement to institutional and sophisticated investors.

Alara said the placement received strong support and was well oversubscrbed.

The funds raised will be used for the development of Alara's Khnaiguiyah zinc-copper project in Saudi Arabia and exploration and development of its Oman resources projects and the El Quillay copper gold project in Chile.

At 10:05AM (WST) Alara shares had dropped 5 per cent, to trade at 38 cents.