BRE Completes $80M Placement to Accelerate Exploration
Sydney, June 13, 2024 AEST (ABN Newswire) - Brazilian Rare Earths Limited (
ASX:BRE) is pleased to advise that it has received firm commitments for a placement of 24.24 million of new fully paid ordinary shares (New Shares) at a price of A$3.30 to raise A$80million before costs (Placement).
Proceeds from the Placement will be used to accelerate exploration and development at the Monte Alto, Sulista and Pele rare earth projects, including exploration drilling, feasibility studies, permitting, and for general working capital and corporate purposes.
The issue price of $3.30 per New Share represents a 9.6% discount to the last closing price of $3.65. Canaccord Genuity (Australia) Limited and Petra Capital Pty Ltd acted as the Joint Lead Managers to the Placement. Highbury Partnership acted as Corporate Advisor to Brazilian Rare Earths.
BRE shares will resume trading on the ASX from market open today, Thursday, 13 June 2024. The New Shares are expected to settle on Wednesday, 19 June 2024 and to be issued on or around Thursday 20 June 2024. New Shares issued under the Placement will rank equally with existing fully paid ordinary shares on issue.
About Brazilian Rare Earths Limited
Brazilian Rare Earths Limited (ASX:BRE) is an Australian company, rapidly advancing its Tier 1 rare earth project in Northeast Brazil.
Company exploration to date has discovered and delineated a globally significant, district-scale mineral province containing large volumes of both heavy and light rare earths critical to advanced industries and applications that will deliver a green energy transition.
The Company is led by a team of experienced mining executives and geologists with hundreds of years of cumulative experience in finding, developing, and operating mineral assets to generate value across a wide variety of jurisdictions, and commodities throughout the globe.
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