Asara Resources Limited announced a private placement to issue 89,444,444 fully paid ordinary shares at an issue price of AUD 0.009 for the gross proceeds of AUD 804,999.996 on March 14, 2024. The transaction will include participation by existing institutional and sophisticated investors. The issue price of $0.009 represents a 2.2% premium to the 5-day VWAP of $0.0088 per share.

The Placement Shares will be issued under the company?s existing placement capacity under ASX Listing Ruleand accordingly no shareholder approval is required. Argonaut Securities Pty Limited were paid a fee of 6% on funds raised. The transaction is expected to close on or about March 19, 2024.