Swiss trading giant Glencore International will increase its stake in Minara Resources to over 70 per cent after subscribing to a shortfall of shares in the Perth firm's $210 million capital raising.
Minara said today Glencore, which was the underwriter to the pro-rata rights issue, will acquire 169.56 million shares not subscribed to, taking its interest to 70.6 per cent.
A total of 700.67 million shares were to be issued in the raising, which was launched in late October.
Previously, Glencore held a 55.59 per cent interest in Minara.
Minara has previously said that funds raised will be used to repay a short-term loan to Glencore, which will leave it debt-free.
Funds will also be used for working capital for the next 18 to 24 months.