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Australia’s Arafura Rare Earths Miner Cancels $74 M Shares Sale
Nov. 25, 2011 03:47PM PST
Rare Earth InvestingIBTimes reported that Arafura (ASX:ARU) cancelled a planned sale of its shares, citing market instability.
IBTimes reported that Arafura (ASX:ARU) cancelled a planned sale of its shares, citing market instability.
As quoted in the market news:
In October, Arafura launched a one-for-three non-renounceable rights issue at a share price of 60c a share, with the offer closing on Wednesday. Funds that will be generated from the share sale would have been used to complete a key feasibility study for its flagship Nolans project in the north of Australia. But Arafura’s shares for much of the month traded below the offer price. It ended 46.5 cents on Thursday.
Click here to read the full IBTimes report.