Heavy Rare Earths Limited (ASX:HRE), an Australian uranium and critical minerals exploration and development company operating key projects in South Australia’s Curnamona Province and Western Australia’s Mid-West, has announced the successful conclusion of its non-renounceable pro rata entitlement offer. The company raised approximately $348,127 before costs. The offer allowed eligible shareholders to subscribe for one new fully paid ordinary share for every eight held at $0.028 each, accompanied by one free-attaching option (exercisable at $0.06 and expiring 26 February 2028) for every two new shares issued.
Shareholder participation saw $306,872.66 raised from entitlements taken up, resulting in the issuance of 10,959,738 New Shares and 5,479,869 New Options. An additional $41,254.20 was secured through the Top-Up Facility, allocating 1,473,365 New Shares and 736,683 New Options. The capital injection is designated to fund key operational activities, including maiden drilling programs at the company’s Prospect Hill Tin and Radium Hill Critical Minerals projects, progressing the Subron REE project strategic review, and for general working capital and offer costs.
All eligible shareholders who submitted valid acceptances will receive their full entitlement. Any additional amounts received, including from scaled-back Top-Up Facility applications, will be refunded promptly. A shortfall of $379,992.14, equivalent to 13,571,147 New Shares and 6,785,574 New Options, will be addressed by the company and its Lead Manager through placement within three months of the offer’s closing date. The new shares and options are expected to be issued on Friday, 2 October 2026.
