logo
Plus   Neg
Share
Email

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."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Global PC shipments returned to growth in the second quarter of 2020 after seeing a significant decline in the preceding first quarter due to COVID-19 related supply-chain disruptions, according to reports by two research firms. The PC market returned to growth in the quarter as production ramped up and vendors restocked their supplies to near-normal levels. The bankruptcy filing of America's oldest apparel retailer Brooks Brothers has ignited significant interest from potential buyers for the brand. WHP Global and a venture backed by Authentic Brands Group LLC and Simon Property Group, Inc., are reportedly considering bids for the retailer. WHP Global owns the ANNE KLEIN and JOSEPH ABBOUD brands. Sundial Herbal Products has recalled around 65 products, which were misbranded and currently unapproved drugs, the U.S. Food and Drug Administration said in a statement. The recall follows an order by a federal judge in June to stop distributing the company's unapproved new drugs. The affected items include herbal products and dietary supplements.
Follow RTT