Harena raises £180 000 through subscription
London-listed rare earths company Harena Resources has raised further gross proceeds of about £180 000 through an oversubscribed subscription of 12.1-million new ordinary shares with certain institutional and professional investors.
Harena, which is focused on the Ampasindava ionic clay rare earth project, in Madagascar, said on August 12 that the subscription was undertaken at an issue price of 1.5p a new ordinary share.
Including both the placing and the subscription, the company said it had raised total gross proceeds of about £1.23-million.
The company said the net proceeds from the subscription would be used to advance the Ampasindava project toward production by progressing a number of near-term and material milestones.
The funds would also provide additional general working capital.
Harena said it had conditionally agreed to issue a further five-million fee warrants to nonexecutive chairperson Ivan Murphy and nonexecutive director Paul Richards for services related to the subscription. The company said the warrants were exercisable at 3p apiece for five years from the date of admission and would not be admitted to trading on any stock exchange.
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