Rare earths developer Arafura Resources will raise A$7-million from a share placement to institutional and professional investors to fund early engineering works for pre-front-end engineering and design at its Nolans neodymium praseodymium (NdPr) project, in the Northern Territory.
The company has received firm commitments for the placement of some 112.9-million shares, at an issue price of 6.2c each, with the placement to be conducted under Arafura’s existing placement capacity.