Ann: Trading Halt, page-31

Gina Rinehart-backed Arafura Rare Earths pressed play on a small equity raising on Wednesday morning, a day after it said it had lined up $US775 million ($1.167 billion) in debt funding for its Nolan critical minerals project in Northern Territory.Gina Rinehart’s Hancock Prospecting is Arafura’s biggest shareholder, with a 10 per cent stake. The company’s brokers, Canaccord Genuity and UBS, were offering shares at about 16¢, a discount to the 19¢ last traded price. Fund manager sources were told to expect a deal size in the order of $20 million, a sliver of the $US793 million that the company has flagged it would need. The details were yet to be finalised before market open.On Tuesday, Arafura said it had locked in a hefty debt package – despite a cooling investor sentiment for rare earths projects – with an average life of more than 12 years and ensures the company is funded through to the production of up to 4440 tonnes of neodymium and praseodymium a year.Arafura has agreements to supply rare earths to South Korean car makers Hyundai and Kia, Siemens Gamesa Renewable Energy, and GE