Clara Resources announced the sale of its holding in London Stock Exchange-listed First Tin, netting approximately $4.3 million through an institutional bookbuild executed by the UK-based Arlington Group.

The proceeds from this sale will be directed towards the acquisition of the remaining 60% stake in the Ashford Coking Coal Project and clearing a $1.1 million debt facility.

The Ashford Project, located in New South Wales, is anticipated to hold significant strategic value for Clara Resources.

Settlement for the First Tin shares is expected to be finalised on July 12. The acquisition process for the Ashford Project is set to conclude shortly after, with an amended agreement extending the completion date to July 16.