Astron (ASX:ATR) raised AU$3 million via an institutional placement and launched a pro-rata non-renounceable entitlement offer to raise a further AU$10 million, according to a Friday filing with the Australian bourse.
The entitlement offer is for 1 new CHESS Depositary Instrument for every 12 existing CDIs held on Oct. 22 at an offer price of AU$0.66. All of the company's directors and its second-largest shareholder indicated that they will take up their full rights under the offer, representing roughly AU$7.3 million, the filing said.
The lead managers for the capital raising are Morgans Corporate and Blue Ocean Equities.
Proceeds will be used primarily to prepare for commercial production at the Donald Rare Earth and Mineral Sands project in Victoria, the filing stated.
Price (AUD): $0.69, Change: $+0.0100, Percent Change: +1.47%
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