Ann: Arafura completes Institutional Entitlement Offer, page-5

They did complete the offer in just a couple of days and management is "delighted with the success". Since the offer it is not underwritten the instos will likely swoop on any shortfall from retail as well, and at these prices who can blame them.

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Arafura completes Institutional Entitlement Offer
Arafura Resources Limited (ASX: ARU) (Arafura, the Company) announces it has completed the
institutional component (Institutional Entitlement Offer) of its accelerated non-renounceable 1 for 4 pro-
rata entitlement offer (Entitlement Offer), as announced on 10 August 2018.
Arafura intends to use the funds raised under the Institutional Entitlement Offer and the retail
entitlement offer described below to progress further development of the Company’s Nolans NdPr
Project in the Northern Territory by carrying out technology, engineering and piloting activities as
required to progress to a definitive feasibility study (DFS) and to enable project execution readiness, and
for general working capital purposes.
“We are delighted with the success of the Institutional Entitlement Offer and appreciate the support we
have received from both existing and new investors as we progress further development of the
Company’s Nolans NdPr Project in the Northern Territory” said Mr Gavin Lockyer, Managing Director,
Arafura.
“We are pleased to be shortly launching the retail component of the Entitlement Offer to give our existing
broader shareholder base the opportunity to participate” he said.
The Institutional Entitlement Offer raised $2.45m at the offer price of $0.08 (Offer Price) per new share
(New Share). A total of 30,625,000 New Shares were subscribed for by both existing eligible institutional
shareholders and new institutional investors identified by Arafura (or its brokers).
New Shares issued under the Institutional Entitlement Offer will rank equally with existing shares on issue
and are expected to settle on 21 August 2018. New shares will be allotted on 22 August 2018 and will
commence trading on a normal settlement basis on the Australian Securities Exchange (ASX) on the same
day.