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Arafura Resources (ASX:ARU) raises $81.5M

Arafura Rare Earths Limited (ASX:ARU) has announced the results of its Share Purchase Plan, which was significantly oversubscribed and resulted in the company raising $81.5 million.

The Board decided to accept oversubscriptions of $8 million and scaled back applications so that a total of 54 million new shares will be issued on 6 January 2023.

The funds raised will be used to accelerate the development schedule at Nolans Project and for general working capital purposes.

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