Equity sold to clients of Petra Capital; funds used for acquisition
By Devika Patel
Knoxville, Tenn., Dec. 9 - Alara Resources Ltd. said it concluded a private placement of shares. It raised A$10.58 million.
The company sold shares at A$0.23 per share to a range of professional and institutional clients of Petra Capital Pty Ltd. The price per share represents a 23.33% discount to the Dec. 8 closing share price of A$0.30.
Proceeds will be applied principally towards acquiring the company's flagship Khnaiguiyah Zinc-Copper Project in Saudi Arabia. The balance of the funds, along with existing cash and liquid investments of about A$5 million, will be used for exploration, evaluation and development of the company's other mineral exploration and development projects and for general working capital purposes.
The Perth, Australia, company explores for copper, gold, uranium and other base metals.
| Issuer: | Alara Resources Ltd.
|
| Issue: | Shares
|
| Amount: | A$10.58 million
|
| Price: | A$0.23
|
| Warrants: | No
|
| Investor: | Petra Capital Pty Ltd.
|
| Settlement date: | Dec. 9
|
| Stock symbol: | Australia: AUQ
|
| Stock price: | A$0.295 at close Dec. 9
|
| Market capitalization: | A$23.75 million
|
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