Hopefully 'material' means cornerstone investor or similar.When...

Hopefully 'material' means cornerstone investor or similar.

When Arafura Rare Earths did a 'material' CR this happened:

A rare earths giant is brewing: Arafura raises $121m to accelerate the Nolans Project

Arafura Rare Earths (ASX: ARU) wants to Lynas (ASX: LYC) a run for its money as the world's largest rare earths producer outside of China.

The company successfully raised $121 million on Monday at 37 cents per share or a 15.9% discount to the stock's last closing price of 44 cents.

The funds will be used to accelerate the company's flagship Nolans Rare Earths Project, including the placement of long-lead items and commencement of early works construction.

Gina Rinehart's Hancock Prospecting acted as a cornerstone investor, gobbling up almost half the placement or $60 million.

Arafura notes that post placement, Hancock Prospecting will have an approximate 10% stake in the company.“We are extremely pleased with the number of new and significant Australian and offshore institutional investors joining our register including Hancock Prospecting, a company well experienced in large project developments," said Managing Director, Gavin Lockyer.

https://www.marketindex.com.au/news/a-rare-earths-giant-is-brewing-arafura-raises-usd121m-to-accelerate-the