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LONDON - Harena Resources Plc (LSE:HREE) has completed the acquisition of the remaining 25% stake in the Ampasindava ionic clay rare earth project in Madagascar, the company announced Thursday.
The transaction, which was referenced in the company’s February 26 prospectus, gives Harena full ownership of the project. As part of the deal, Harena has issued 66,666,666 new ordinary shares to the vendor shareholders of Harena Resources Pty Ltd, the intermediate holding company for the Ampasindava Project.
"We are pleased to now control 100 per cent. of this strategically important, world class, heavy rare earth project and we look forward to moving forward towards production," Ivan Murphy, Non-Executive Chairman of Harena, said in the press release statement.
Following the share issuance, significant shareholders include Sebastian Jurd with 9.32% of the enlarged share capital, Allan Mulligan, a director, with 8.83%, and Stephen Francis Lynn with 4.62%.
Applications have been made to the Financial Conduct Authority and the London Stock Exchange for the admission of the new shares to trading. Admission is expected to take place around September 4.
Upon admission, Harena will have 562,651,018 ordinary shares in issue, each carrying one voting right. This figure may be used by shareholders as the denominator for calculations to determine if they need to notify their interest in the company under disclosure rules.
Harena Resources focuses on rare earth elements, which are used in various high-tech applications including electronics and renewable energy technologies.
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