IN BRIEF: First Development Resources gets funds for rare earths work

First Development Resources PLC - explorer for critical minerals and rare-earth elements in Western Australia and Northern Territory - Raises GBP1.0 million in equity from placing of 33.3 million new shares at 3 pence each. Each new share will include a warrant to subscribe for another share at 5p within the next 12 months. The placing is run by SI Capital Ltd and First Equity Ltd. The fresh funds will be used to accelerate exploration for rare-earth elements at the Selta project in the Northern Territory. The Selta project also is prospective for uranium and gold. "This placing is in strategic response to the recently announced US - Australia framework for securing of supply in the mining and processing of critical minerals and rare-earth elements following China's decision to restrict exports of REEs," explains Chief Executive Officer Tristan Pottas. As a result of the equity raise, the interest of the concert party, the largest block of associated shareholders in First Development Resources, will be diluted to 34% from 45%.

Current stock price: 3.05p, down 6.3% in London midday Monday

12-month change: down from 6.67p listing price on July 29

By Tom Waite, Alliance News editor

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