Australia's Arafura Rare Earths slumps on discounted raise

Arafura Rare Earths

25/07/2024 03:05

** Shares of Arafura Rare Earths  ARU.AX  fall as much as
13.2% to A$0.165; set for their worst day since mid-March - if
current trend holds 
    ** Shares hit lowest since June 19 
    ** Co among the top losers in the ASX All Ordinaries Index
 .AORD  
    ** The rare earths miner says it has received firm
commitments to raise A$20 million across two tranches 
    ** Issue price of A$0.16 per share is at a ~15.8% discount
to the last traded price on July 23 
    ** Capital raised will be used for advancement of co's
funding initiatives, among others 
    ** Stock has risen ~15.2% this year, as of last close

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))