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Arafura Rare Earths Launches AU$350 Million Institutional Placement, AU$25 Million Share Purchase Plan

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Arafura Rare Earths (ASX:ARU) launched a dual-tranche institutional placement seeking to generate about AU$350 million before costs, according to a Friday filing with the Australian bourse.

The company expects to issue about 1.35 billion new shares at a price of AU$0.26 each. The tranche one placement is targeting proceeds of AU$175.5 million, and the second tranche will raise AU$174.5 million, subject to shareholder approval.

Arafura's largest shareholder, Hancock Prospecting, has committed to around AU$85 million, or roughly 326.9 million new shares, in the placement, which will give it a 17.5% stake in Arafura after completion, per the filing.

Additionally, Arafura is launching a share purchase plan to generate about AU$25 million priced at AU$0.26 apiece.

The proceeds from the placement will help ensure that Arafura has fully funded the equity component required for the development of the Nolans rare earths project in the Northern Territory, the company said.

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