Arafura Rare Earths (ASX:ARU) has successfully completed the second tranche of its $121M placement, raising $25M (before costs).
The funds will be used to accelerate the Nolans Project development schedule, including the completion of an early contractor involvement phase, the placement of orders for long lead items, the commencement of fabrication, and the commencement of early works construction.
The placement and share purchase plan have raised a total of $141M.
Arafura Rare Earth's share price closed up almost 5% today.