Arafura Rare Earths (ASX:ARU) raised AU$4.6 million following the completion of its share purchase plan at an issue price of AU$0.16, according to a Wednesday filing with the Australian bourse.
The eligible applications, which are equivalent to 29 million new shares to be issued, are below the mineral explorer's target amount of AU$7 million. Arafura said it will not conduct a separate offer of shortfall shares.
The company raised a total of AU$24.6 million from the share purchase plan and an earlier placement, per the filing. Proceeds will be used for Arafura's funding initiatives and critical path activities, among others.
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