Alara Resources Ltd (ASX:AUQ) has received strong support for its renounceable pro rata entitlement offer of shares.
Acceptances of 34,161,653 shares were received, along with applications for 11,534,941 additional shares and 160,000 shortfall shares to raise a total of $917,000.
Alara said that it is pleased with the outcome and the level of support it received from its shareholders and new investors, particularly in these difficult market conditions.
Resource confidence to be lifted
Alara recently finalised its latest drilling program at the Al Hadeetha copper-gold project in Oman, with the objective of increasing the confidence of the resource into the Indicated category from Inferred.
During drilling, Alara discovered additional high grade copper and gold mineralisation which sits on top of the existing JORC resource.
These results are now being incorporated into the resource model.
A key advantage to the project is the support from Alara's joint venture partners in Oman, and the local community which are keen to see it advanced.
There is also potential for a regional consolidation strategy of other known copper deposits in Oman, providing Alara with the opportunity for economies of scale.
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