Harena Resources Plc – Proposed fundraising to raise up to £1.2 million
Proposed Board changes and Appointment of Allenby Capital as Joint Broker and Financial Adviser
Harena Resources Plc (LSE: HREE), the rare earths company focused on the Ampasindava ionic clay rare earth project in Madagascar (the “Ampasindava Project“), today announces its intention to conduct a fundraising to raise gross proceeds of up to £1.2 million through a placing of up to 80,000,000 new ordinary shares of 0.5 pence each in the share capital of the Company to new and existing institutional and professional investors at an issue price of 1.5 pence per new Ordinary Share.
The Placing is being made available to certain institutional and professional investors but is not available to the public and will be conducted by way of an accelerated bookbuild (“Bookbuild“) which will open immediately following release of this Announcement in accordance with the terms and conditions set out in Appendix I.
In addition, the board of directors of Harena (the “Board” or the “Directors“) are pleased to announce the proposed appointment of Ivan Murphy and Paul Richards as Non-Executive Chairman and Non-Executive Director respectively, effective following the announcement of the results of the Bookbuild, with Cameron Pearce and Sam Quinn stepping down from the Board as Non-Executive Directors.
The Board is also pleased to announce the appointment of Allenby Capital Limited as the Company’s joint broker and financial adviser with effect from today and who will be sole bookrunner in respect of the Placing.
Summary
· Harena is conducting a Placing to raise up to £1.2 million (before expenses) through the proposed issue of up to 80,000,000 new Ordinary Shares at 1.5 pence per Placing Share.
· The Placing will enable the Company to advance the Ampasindava Project towards production by progressing a number of near-term and material milestones, as well as provide additional general working capital.
· The proposed appointment of Ivan Murphy as Non-Executive Chairman and Paul Richards as a Non-Executive Director will strengthen the Board as both possess extensive knowledge of the Ampasindava Project, having both been directors of the previous owner of the Ampasindava Project.
· It is proposed that Cameron Pearce and Sam Quinn will step down from the Board as Non-Executive Directors, effective following the announcement of the results of the Bookbuild.
· Appointment of Allenby Capital as the Company’s joint broker and financial adviser with immediate effect.
· The final number and allocation of the Placing Shares will be determined by the Bookrunner in consultation with the Company and the result of the Placing will be announced as soon as practical after the release of this Announcement.
The Placing will be implemented using the Company’s existing authorities to issue and allot equity securities on a non-pre-emptive basis, granted at the general meeting of the Company on 20 March 2025.
Details of the Placing and proposed Board changes are set out further below.
The terms and conditions of the Bookbuild are set out in Appendix I at the end of this Announcement.
For further information please contact:
|
Harena Resources Plc Allan Mulligan, Executive Technical Director
|
+44 (0)20 7770 6424 LEI: 213800TNHZOA4JIZK687 |
|
Allenby Capital Limited – Financial Adviser & Joint Broker Jeremy Porter / Vivek Bhardwaj (Corporate Finance) Amrit Nahal / Kelly Gardiner (Sales & Corporate Broking)
|
+44 (0)20 3328 5656 |
|
Tavira Financial Limited – Joint Broker Jonathan Evans / Oliver Stansfield |
+44 (0)20 7330 1833 |
|
Celicourt Communications – Public Relations Mark Antelme / Charles Denley-Myerson |
44 (0)20 7770 6424 celicourt@celicourt.uk |