ARAFURA RESOURCES LIMITED (ASX: ARU)
10 June 2009
Settlement of Chinese Share Subscription Agreement Arafura Resources Limited
(Arafura) today confirms the settlement of the first tranche of share placement to the Australian subsidiary of the Jiangsu Eastern China Non-Ferrous Metals Investment Holding Company Limited (JEC).
Following the signing of the share subscription agreement in Hong Kong on Sunday 6th June, the company has today received cleared funds of A$8.5m and has issued 28,333,333 shares.
The transaction received approval from the Australian Government through the Foreign Investment Review Board to proceed with the transaction on 29th May.
The transaction, which is subject to shareholder approval, allows JEC to subscribe for a strategic equity holding of up to 25% in Arafura.
An independent expert’s report has been commissioned and the report will be distributed together with the notice of general meeting to all shareholders in due course.
Arafura will use the funds to progress its engineering feasibility study for the Nolans project.
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