Harena Resources (HREE) is conducting a fundraising to raise up to £1.2 million through a placing of up to 80 million shares at 1.5p.
Allenby Capital has been appointed joint broker,
The placing is being made available to certain institutional and professional investors but is not available to the public and will be conducted by way of an accelerated bookbuild.
The new money will be used to advance the Ampasindava rare earths project in Madagascar towards production, as well as provide additional general working capital.
In addition, Ivan Murphy and Paul Richards will join as non-executive chairman and non-executive director respectively, effective following the announcement of the results of the bookbuild, with Cameron Pearce and Sam Quinn stepping down.
Murphy and Richards both possess extensive knowledge of the Ampasindava project, having both been directors of the previous owner of Ampasindava.
View from Vox
The mining equity markets have definitely woken up, and Harena is taking advantage. The money raised will provide a solid foundation to take the company on to the next stages at Ampasindava, and the new board appointees will significantly enhance the skillset that allows it to do so.