Update in relation to Fundraising
Company raises £0.18m in oversubscribed subscription, bringing total fundraising to £1.23m
- Gross proceeds from subscription £0.18m
- Total gross proceeds from Placing and Subscription £1.23m
- Subscription price per share 1.5 pence
- Subscription shares issued 12,100,000
- Total ordinary shares in issue post-Admission 495,984,352
- Fee Warrants issued to directors 5,000,000
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Harena Resources Plc (LSE: HREE), the rare earths company focused on the Ampasindava ionic clay rare earth project in Madagascar (the "Ampasindava Project"), is pleased to announce that the Company has raised further gross proceeds of approximately £0.18 million at the Issue Price through a oversubscribed Subscription of 12,100,000 new Ordinary Shares (the "Subscription Shares") with certain institutional and professional investors, conditional on Admission (as defined below).
The Subscription has been undertaken at the Issue Price of 1.5 pence per new Ordinary Share and on the same terms as the Placing announced by the Company on 4 August 2025 (the "Fundraising Announcement"). In total the Placing and the Subscription has raised gross proceeds of approximately £1.23 million.
It is intended that the net proceeds of the Subscription will be deployed by the Company for the same purposes as that of the Placing as detailed in the Company's announcement on 31 July 2025.
Admission
Applications have been made: (i) to the UK's Financial Conduct Authority (the "FCA") for the admission of the 12,100,000 Subscription Shares to trading on the equity shares (transition) category of the Official List of the FCA; and (ii) to trading on the London Stock Exchange for the admission of the 12,100,000 Subscription Shares to trading on its main market for listed securities (together, "Admission"). Admission is expected to take place on 8.00 a.m. on or around 18 August 2025.
Total voting rights
Immediately following Admission, the Company will have 495,984,352 ordinary shares of 0.5 pence each in issue, each with one voting right. There are no shares held in treasury. Therefore, the Company's total number of ordinary shares in issue and voting rights will be 495,984,352 and this figure may be used by shareholders from Admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
Warrants
In line with the Company's announcement on 31 July 2025, the Company has conditionally agreed to issue a further 5,000,000 Fee Warrants to Ivan Murphy and Paul Richards for their services in respect of the Subscription. The Fee Warrants are exercisable at 3 pence for a period of five years from the date of Admission. The Fee Warrants are not subject to any vesting conditions. The Fee Warrants will not be admitted to trading on the London Stock Exchange or any other stock exchange. Consequently, a total of 40,000,000 Fee Warrants and 40,000,000 Performance Warrants have been issued to date.
Director/PDMR MAR disclosures
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Name Position Ivan Murphy Non-Executive Chairman Paul Richards Non-Executive Director |
| 2 | Reason for the notification | |
| a) | Position/status | See above |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | Harena Resources Plc |
| b) | LEI | 213800TNHZOA4JIZK687 |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.5p each in Harena Resources Plc ("Ordinary Shares") Identification code (ISIN) for Harena Resources Plc ordinary shares: GB00BMGRFP88 |
| b) | Nature of the transaction | Warrants over Ordinary Shares |
| c) | Price(s) and volume(s) | Name Warrants Price(s) (p) Volume(s) Ivan Murphy Fee Warrants 3.0 2,500,000 Paul Richards Fee Warrants 3.0 2,500,000 |
| d) | Aggregated information: - Aggregated volume - Price | N/A |
| e) | Date of the transaction | 12 August 2025 |
| f) | Place of the transaction | London Stock Exchange, XLON |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.