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Arafura Resources share purchase plan is underwritten to $3 million

Funding will advance the company's flagship Nolans Neodymium Praseodymium Project.
Map of Nolans Project location
The issue price will be a 20% discount to 5-day VWAP

Arafura Resources Ltd (ASX:ARU) has today opened its share purchase plan (SPP) to eligible shareholders allowing them to apply for up to $15,000 worth of shares.

Notably, the SPP is being underwritten to the value of $3 million subject to standards terms and conditions.

The underwriting agreement means that at least $3 million in funding for the company should be secured from the SPP.

READ: Arafura Resources to raise $3 million as it advances DFS for NdPr project

Funds raised under the SPP will be used to advance the company’s Nolans Neodymium Praseodymium (NdPr) Project in the Northern Territory and for general working capital.

The SPP will open today and will remain open until 5.00pm AWST on Friday, 7 December 2018.

As soon as practicable after the close of the SPP, Arafura will inform the market of the result.

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A diagram of Arafura's integrated neodymium-praseodymium supply strategy
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The project has the potential to be a competitive low-cost source of NdPr oxide for the clean energy industry.

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