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Alara launches A$1.5M rights issue to advance Al Hadeetha copper-gold project in Oman

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Alara launches A$1.5M rights issue to advance Al Hadeetha copper-gold project in Oman

AlaraResources Ltd. plans to raise A$1.5 million through a rights issueto advance its AlHadeetha copper-gold project in Oman, according to a July 6 newsrelease.

The fully underwritten 1-for-7 rights issue at a price of 2Australian cents per share will serve as bridge financing to secure a mininglicense for the project. Funds will also be used to incorporate high gradecopper-gold mineralization into the resource model, to meet commitments at AlAjal, Mullaq, and Daris to increase mining inventory to feed the company'sconcentration plant at Washihi.

Funds will also be used to conclude legal action related tothe Khnaiguiyahzinc-copper project in Saudi Arabia.

The rights issue will close Aug. 2.