Brazilian Rare Earths Limited (ASX: BRE), (BRE) is pleased to advise that it has received firm commitments for a placement of 24.24 million of new fully paid ordinary shares (New Shares) at a price of A$3.30 to raise A$80million before costs (Placement).
Proceeds from the Placement will be used to accelerate exploration and development at the Monte Alto, Sulista and Pelé rare earth projects, including exploration drilling, feasibility studies, permitting, and for general working capital and corporate purposes.
The issue price of $3.30 per New Share represents a 9.6% discount to the last closing price of $3.65.
Canaccord Genuity (Australia) Limited and Petra Capital Pty Ltd acted as the Joint Lead Managers to the Placement. Highbury Partnership acted as Corporate Advisor to Brazilian Rare Earths.
BRE shares will resume trading on the ASX from market open today, Thursday, 13 June 2024. The New Shares are expected to settle on Wednesday, 19 June 2024 and to be issued on or around Thursday 20 June 2024. New Shares issued under the Placement will rank equally with existing fully paid ordinary shares on issue.
About us:
Brazilian Rare Earths owns and operates a district scale Tier 1 Rare Earths Province, located in North Eastern Brazil.
Contact details:
Jane Morgan