Aldoro Resources has secured A$4.3 million through the issue of convertible notes for work at its Kameelburg Rare Earth Project in Namibia and general working capital.
The Australian Securities Exchange-listed company announced the capital raising on 20 July together with a proposed issue of securities as part of the financing arrangement.
The funds will be raised through convertible notes, providing Aldoro with additional capital to continue operations at its flagship Namibian project and meet corporate funding requirements.
The financing forms part of the company’s broader funding strategy as it continues to advance the Kameelburg Rare Earth Project in the Kunene Region, where exploration, metallurgical studies, and technical evaluations are ongoing.
The company has previously reported positive metallurgical test work from the project, including high strontium recoveries and encouraging rare earth extraction results.
The proposed issue of securities lodged with the Australian Securities Exchange accompanies the convertible note issue.
It sets out the securities that may be issued under the financing terms.
The capital raising comes as Aldoro continues progressing Kameelburg, one of its principal assets, while maintaining funding for corporate activities.
The company did not announce any changes to the project’s work programme in conjunction with the financing, with the funds intended to support ongoing project activities and general working capital.
