Mining

    Alara Resources cancels rights issue

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    Alara Resources (ASX:AUQ), a base and precious metals producer operating in Oman, has announced the withdrawal of its previously declared rights issue.

    The decision follows the termination of the underwriting agreement and the sub-underwriting agreement with Al Tasnim Infrastructure.

    The company has revealed ongoing discussions with ATI to potentially serve as the underwriter for a new rights issue.

    Despite the changes, the Takeover Panel proceedings concerning the rights issue remain ongoing.

    Alara assures investors that all subscription money will be refunded promptly.

    "Alara will keep shareholders informed of developments in accordance with its continuous disclosure obligations," stated Atmavireshwar Sthapak, Managing Director of Alara Resources.

    All refunds for the cancelled rights issue will be processed swiftly by Alara's share registry, Automic Group.

    Investors who provided bank account details will receive refunds within five business days, while other shareholders will be contacted to arrange refunds.

    Alara continues to focus on its operations in Oman, including the Al Wash-hi Majaza copper-gold mine and exploration activities across multiple projects in the region.

    Alara Resources is a mining and exploration company with operations focused on the Middle East.

    Its projects include the Al Wash-hi Majaza Copper-Gold Project, Daris Copper-Gold Project, Awtad Copper-Gold Project, Mullaq Copper-Gold Project and Al Ajal Copper-Gold Project.

    At the time of reporting, Alara Resources' share price was $0.031.

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