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Hong Kong's Noble Group To Take Stake In Australia's Arafura - Quick Facts

Noble Group Ltd (NOBGF.PK), a Hong Kong-based commodities trader, is taking a stake in Australia's Arafura Resources Limited (ARAFF.PK, ARU.AX). Arafura Resources shares were trading down 20.8 percent.

In a statement, Arafura Resources announced a fully underwritten 7 for 20 non-renounceable entitlement offer at A$0.085 per share to raise A$23.2 million through the issue of 273.49 million new Arafura shares.

The company said Talaxis Ltd., a subsidiary of Noble Group, has agreed to sub-underwrite A$7.2 million of the entitlement offer.

Arafura intends to use the funds raised from the offer to progress further development of the Nolans NdPr Project, for an exploration and metallurgical program aimed at potentially increasing the Nolans Project mine life; and for ongoing working capital.

The entitlement offer is anticipated to open on June 28 and close on July 12.

The company said the deal has potential for Talaxis and Arafura to work together on strategic funding alternatives and product supply chain solutions.

Paul Brough, Chairman of Noble Group, said, "We recognise the growing importance of technology metals to the global renewable energy sector, as well as to broader technological industries. Noble Group sees this as a core, strategic business growth area and we are excited to be involved in this important project that will ensure the global supply of these vital materials."

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