Disgraceful effort by Alistair Stephens Managing Director + the...

Disgraceful effort by Alistair Stephens Managing Director + the rest of them.
Talk about selling us down
Would have been better if $18 million raised for 10 million shares.
I think this goes to show how wobbly ARU is.
I hate saying this BUT !!! really !

ARAFURA RESOURCES LIMITED (ASX: ARU)
ASX Release 2 November, 2007
The Directors of Arafura Resources Ltd (ASX:ARU) advise that the Company has raised
approximately $18.5 million before costs through the allocation of 18.5 million new shares. The
stock placement was managed through Intersuisse Corporate Pty Ltd to institutional and
sophisticated investors, pursuant to Section 708 of the Corporations Act.
Proceeds from the placement will be used to further advance the Nolans project beyond the prefeasibility
stage. The funds will be used as follows;
• $5 million over 6 months commencing in February 2008 for the operation of a rare earths and
phosphoric acid pilot plant, to optimise the treatment process.
• Additional costs for engineering studies to refine the cost structure of the Nolans project.
• $3 million of the funds will be used in the next 6 months in an intensive drilling campaign for
detailed assessment of current resources, define additional resources and target higher grade
zones of mineralisation at Nolans (in progress),
• $3 million will be undertaken in exploratory assessment for rare earths and other
commodities on other projects in 2008.
• The remainder of the funds will be for working capital and project development studies.
Commenting on the capital raising, the Managing Director Alistair Stephens stated “The strong
institutional support in the placement is a very encouraging endorsement of the recent analysis
underpinning the Nolans project pre-feasibility study. Arafura is well placed to take the project
through pilot plant to feasibility and eventual operations” he added.
This funding enhances Arafura’s financial position with respect to its current project development
program.
Alistair Stephens
Managing Director
Arafura Resources Ltd