Asara Resources (ASX:AS1) confirmed that it has placed 30.7 million new shares, representing the balance of the Barbet placement shares, to a group of targeted institutional and professional investors at AU$0.125 per share, raising a total of AU$3.8 million, according to a Monday Australian bourse filing.

Barbet had earlier agreed to subscribe for 35.7 million placement shares under a subscription agreement with Asara. Asara agreed to amend the subscription agreement with Barbet, varying the amount of placement shares it will subscribe for to 4.9 million. As such, the total institutional placement size remains at AU$60 million, as announced on May 8.

The issue of the 30.7 million new shares will be completed using its existing placement capacity and is anticipated to settle on Thursday.

Its shares fell 3% in recent trading on Monday.