Harena Rare Earths (HREE ) has raised gross proceeds of £2 million through a direct subscription for just over 90 million shares at 2.2p by a prominent international investor. The Subscription
The net proceeds will be used for the continuation of development work on Harena’s Ampasindava rare earths project in Madagascar, on the continuation of engagement with the U.S. International Development Finance Corporation and for ongoing working capital requirements.
"I am delighted to welcome this new globally recognised international investor, whose investment is another endorsement of our world-class rare earth project and our strategy for its development," said Ivan Murphy, executive chairman of Harena.
View from Vox
Harena’s shares have risen strongly since the start of the year and, at their current levels, are only a fraction away from all-time highs. Not a bad position to be raising money in, especially as the outlook at Ampasindava is so favourable – the product should be easy to mine, easy to ship and easy to sell. It looks as though Harena’s ongoing efforts to build networks inside the USA are already beginning to pay off.