Harena Resources (LSE:HREE) announced it has received a new £450,000 investment from RAB Capital, with proceeds expected to support working capital as it advances the Ampasindava rare earth project in Madagascar.
“The board is delighted to announce further funding from RAB Capital, led by Philip Richards, one of London's long-standing and most respected mining investors. RAB has a strong track record of identifying value in the mining sector and supporting companies with significant growth potential," said executive chair Ivan Murphy.
"This additional investment represents a strong endorsement of our strategy, and we are pleased that RAB Capital has consolidated its position as one of our leading investors."
The investment will increase RAB Capital’s shareholding in Harena to just over 9%, from 4.17%, as it subscribed for 30 million shares priced at 1.5p.
RAB chief executive Philip Richards added: "Harena is a globally strategic heavy rare earth resource and likely to attract interest from US or other countries as they look to alternative supplies of critical metals outside of China."