Arafura raises funds for Nolans study

Rare earths developer Arafura Resources will raise A$1.5-million through a share placement to institutional and sophisticated investors, to assist in funding the completion of a definitive feasibility study at its Nolans project, in the Northern Territory Some 13.6-million new shares will be placed at a price of 11c each under the company’s existing capacity, meaning shareholder approval will not be required.