Raytheon awarded $71 million in Navy contracts for missile systems
LONDON - Harena Resources Plc (LSE:HREE) has raised £1.05 million through a placing of 70 million shares at 1.5 pence per share to institutional and professional investors, the rare earths company announced Monday.
The company, which focuses on the Ampasindava ionic clay rare earth project in Madagascar, has also appointed Ivan Murphy as Non-Executive Chairman and Paul Richards as Non-Executive Director, effective immediately. Cameron Pearce and Sam Quinn have stepped down from their positions as Non-Executive Directors.
Harena additionally plans to raise up to £150,000 through a direct subscription for new shares at the same issue price and terms as the placing.
"Demand for rare earth elements has never been stronger given the race for energy and mineral security," said Allan Mulligan, Executive Technical Director of Harena, in the press release statement.
The Ampasindava Project contains over 600,000 tonnes of rare earth oxides in-situ, according to the company.
Murphy previously served as Executive Chairman of Tantalus Rare Earths AG, the former owner of the Ampasindava Project. Richards, a qualified solicitor and investment banker, was an Executive Director at the same company and has visited the project site.
Following the placing, Mulligan’s shareholding will be diluted to approximately 7.51 percent, though the number of shares he holds will remain at 36,321,398.
The company has conditionally agreed to issue 35 million Fee Warrants and 40 million Performance Warrants to Murphy and Richards. The Fee Warrants are exercisable at 3 pence and Performance Warrants at 5 pence, both for a period of five years from admission.
Admission of the placing shares to the Official List of the FCA and to trading on the London Stock Exchange (LON:LSEG) is expected around August 6, 2025.
Following admission, Harena will have 483,884,352 ordinary shares in issue.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.