Brazilian Rare Earths Says Alurion Reaches AU$50 Million Maximum Subscription for IPO

MT Newswires Live07-22 08:00

Brazilian Rare Earths (ASX:BRE) said Alurion Resources accepted applications for 47.6 million new fully paid ordinary shares at AU$1.05 per share under its initial public offer (IPO), representing the maximum subscription of around AU$50 million, according to a Wednesday Australian bourse filing.

This came after Brazilian Rare Earths' shareholders approved the demerger of the Amargosa bauxite-gallium project into Alurion. Eligible Brazilian Rare Earths shareholders received priority access, while Alurion directors and management subscribed for over AU$4.5 million.

Following the demerger and IPO, Alurion Resources will trade under the proposed ASX code "ALU", with Brazilian Rare Earths retaining a strategic 16% stake, or 39 million shares, in Alurion.

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