09:04 AM EST, 12/23/2024 (MT Newswires) -- Aclara Resources ( ARAAF ) said Monday that it is raising US$25 million in a private placement to develop its Carina project in Brazil.

The company said it also plans to use the funds to advance its integrated supply chain strategy, and for general corporate purposes.

Under the financing, Aclara issued 51,303,573 shares priced at $0.70 apiece, a 41% premium to the company's closing price on the last trading day before announcing the offering.

CAP, Hochschild Mining and New Hartsdale agreed to purchase shares of Aclara in the private placement. As a result, Hochschild now holds a 19.5% stake in Aclara while New Hartsdale holds a 36.9% stake.

"With their strong support, Aclara is well-positioned to advance its projects in Brazil, Chile, and the U.S., paving the way to becoming a global leader and driving meaningful progress in the fight against climate change," said Eduardo Hochschild, Aclara's chairman.

Aclara's share price rose 18% on Friday to $0.50 on the TSX.