Hopefully 'material' means cornerstone investor or similar.
When Arafura Rare Earths did a 'material' CR this happened:A rare earths giant is brewing: Arafura raises $121m to accelerate the Nolans Project
Arafura Rare Earths (ASX: ARU) wants to Lynas (ASX: LYC) a run for its money as the world's largest rare earths producer outside of China.
The company successfully raised $121 million on Monday at 37 cents per share or a 15.9% discount to the stock's last closing price of 44 cents.
The funds will be used to accelerate the company's flagship Nolans Rare Earths Project, including the placement of long-lead items and commencement of early works construction.
Gina Rinehart's Hancock Prospecting acted as a cornerstone investor, gobbling up almost half the placement or $60 million.
Arafura notes that post placement, Hancock Prospecting will have an approximate 10% stake in the company.“We are extremely pleased with the number of new and significant Australian and offshore institutional investors joining our register including Hancock Prospecting, a company well experienced in large project developments," said Managing Director, Gavin Lockyer.
Hopefully 'material' means cornerstone investor or similar.When...
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