Brazilian Rare Earths has secured firm commitments for a placement of 25.6 million new fully paid ordinary shares priced at A$4.68 ($3.05) per share.  

This placement aims to raise A$120m before expenses. 

The funds will fast-track the development of high-grade rare earth projects in Brazil and advance the integrated separation refinery at Camaçari, Bahia.  

The issue price reflects a discount of 6.4% compared to the most recent closing price of $5 and nil discount to the five-day volume weighted average price, stated the company. 

The newly issued shares will hold the same status as the current fully paid ordinary shares. 

Petra Capital and Canaccord Genuity served as joint lead managers, with Petra Capital taking on the role of sole bookrunner. 

Earlier this month, BRE entered into strategic agreements with Carester, a rare earth processing specialist.  

These agreements involve the provision of heavy rare earth feedstocks and the delivery of engineering and technical services for BRE's proposed integrated rare earths separation refinery at the Camaçari Petrochemical Complex in Bahia. 

BRE stated that these agreements form the foundation of its strategy to position Brazil as a premier hub for rare earth production.  

The aim is to supply high-value neodymium and praseodymium oxide, heavy rare earth concentrate, separated dysprosium and terbium oxides, and uranium. 

BRE also finalised a binding ten-year supply offtake agreement with Carester for heavy rare earth elements.  

This deal is expected to support the “high-value” separation of dysprosium and terbium oxides at the Caremag facility in France. 

Last year, BRE raised A$80m to expedite exploration and development activities at its key projects.