Arafura Resources completes $21 million first tranche of strongly supported $40 million placement The substantial fundraise will prime Arafura to conduct crucial design studies at its Nolans Project as it prepares to supply a spike in demand for magnet rare earths. Arafura wants to reach a final investment decision for the Nolan's asset in 2022’s second half. Arafura Resources Ltd (ASX:ARU) has ticked off the completion of tranche-1 of a $40 million placement after raising A$21,074,054 before costs to institutional and sophisticated investors. Tranche-2 is subject to shareholder approval. The company issued 175,617,114 new shares as part of its plan to fund front end engineering and design (FEED) activities at its Nolans Neodymium and Praseodymium (NdPr) Oxide Project in the Northern Territory.