Mining

    Alara Resources to raise $15.3M with new share offer

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    Alara Resources (ASX:AUQ) has announced a renounceable pro rata offer of approximately 449 million New Shares at 3.4 cents each.

    The offer, aimed at raising up to $15.3 million before costs, provides eligible shareholders 5 new shares for every 8 existing shares owned, along with 1 free new option for every 2 new shares issued.

    Shareholders should review the Prospectus and Entitlement and Acceptance Form carefully.

    Alara Resources has appointed Mahe Capital as the lead manager and full underwriter for this offer.

    The funds raised will primarily target enhancing production facilities and funding exploration and working capital requirements.

    “The offer is fully underwritten by Mahe Capital and sub-underwritten by ATI,” stated Atmavireshwar Sthapak, Managing Director of Alara Resources.

    Shareholders are encouraged to seek independent advice given the speculative nature of the investment. Alara Resources has specified that the prospectus will not be directed towards, nor will shares be offered to, US persons.

    Eligible shareholders must have registered addresses in Australia or New Zealand and are urged to apply early as the offer closes on Nov. 19.

    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 $0.036.

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