17/10/2008 - 14:26

Arafura plans $26m raising

17/10/2008 - 14:26

Bookmark

Save articles for future reference.

Despite the uncertain economic climate, Arafura Resources Ltd has unveiled ambitious plans to raise some $26 million through a rights issue.

Despite the uncertain economic climate, Arafura Resources Ltd has unveiled ambitious plans to raise some $26 million through a rights issue.

Shareholders in the Perth-based explorer will be entitled to three new shares or every five shares held, at an issue price of 28 cents per new share.

The company anticipates on issuing some 94.32 million shares to raised around $26.4 million. The closing date for the issue is November 14.

Funds raised from the issue will be used to advance the bankable feasibility study on the company's Nolans rare earth-phosphate project.

Earlier this week, the company accepted a $20 million loan from US-based investment fund YA Global Investments.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options