Ark Mines Ltd (ASX:AHK) Secures $1.5M Through Share Placement
Share Placement Details
Ark Mines Ltd has successfully raised $1.5 million through a share placement targeting professional and sophisticated investors. The placement was fully subscribed by new shareholders, involving the issuance of 10,714,285 new shares at $0.14 per share.
Future Development Plans
The funds raised will accelerate Ark Mines’ rare earth exploration and development programme at Sandy Mitchell. The company believes its North Queensland rare earth placer sand deposit is highly marketable and aims to advance the project swiftly.
Executive Comments
Managing Director Ben Emery stated, “I am excited to have raised this extra capital as it allows us to expedite our Rare Earth development program. We are of the opinion that our North Queensland Rare Earth placer sand deposit package is highly marketable, and we are keen to move it ahead.”
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.
