Aclara Resources Secures Significant Funding for Brazilian Rare Earths Project
Strategic Investors Back Carina Project with $25 Million Injection
Canadian rare earths company Aclara Resources has announced a major funding boost, securing $25 million through a non-brokered private placement to drive forward its Carina project in Brazil. This significant investment will see the issuance of over 51 million common shares at C$0.70 ($0.40) each, representing a 41% premium to Aclara’s last closing price on the Toronto Stock Exchange.
Key Partnerships and Shareholder Approval
The company has entered into subscription agreements with prominent industry players, including Chilean mining holding company CAP, Hochschild Mining Holdings, and New Hartsdale Capital, for the purchase of the shares. Shareholder approval is required for the transaction, which Aclara will seek at a special meeting expected to take place in early 2025. The private placement is anticipated to close by the end of February 2025.
Development Milestones and Expansion Plans
The funding will primarily support key development milestones for the Carina project, scheduled for next year. These include submitting an environmental impact study and completing a pre-feasibility study. Additionally, a smaller portion of the funds, potentially supplemented by government funding, will be allocated to a separation project in the US.
Strategic Partnership with CAP
Aclara Chairman Eduardo Hochschild expressed enthusiasm about welcoming CAP as a strategic investor, citing their deep industry expertise and financial strength. “CAP’s involvement will be invaluable in our mission to establish a sustainable and integrated supply chain for rare earths,” he stated. With CAP and Hochschild Mining as major shareholders, Aclara is well-positioned to advance its projects in Brazil, Chile, and the United States, driving progress in the fight against climate change.
CEO Ramon Barua on CAP’s Contribution
Aclara CEO Ramon Barua highlighted CAP’s effective contribution to the Penco Module in Chile, which is entirely covered by CAP’s investment in REE Uno made in April 2024. “Through this offering, we welcome CAP to the shareholder base of Aclara Resources, demonstrating their steadfast commitment to propelling Aclara towards its goal of becoming an integrated producer of rare earths outside of Asia,” Barua noted.
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