Exploration company Brazilian Rare Earths (BRE) has successfully raised A$80-million in a discounted A$3.30-a-share placement.
The proceeds from the placement will be used to accelerate exploration and development at the Monte Alto, Sulista and Pele rare earth projects, including drilling, feasibility studies, permitting and for general working capital and corporate purposes.
The issue price of A$3.30 a share represents a 9.6% discount to the last closing price of A$3.65 a share. On Thursday, BRE traded at A$3.25 a share.
Founded in 2021, BRE listed on the ASX in late 2023. The company is backed by Australian mining magnate Gina Rinehart.
The exploration company has a district-scale tier-one project encompassing about 1 410 km² within the Rocha da Rocha critical minerals province.