JOHANNESBURG (miningweekly.com) – ASX-listed Lincoln Minerals has been granted a waiver on the timing of the planned issuing of up to 100-million shares, the company reported on Tuesday.
Lincoln, which was developing the advanced Kookaburra Gully graphite project, in South Australia, confirmed that the shares had to be issued before June 30, 2016, and on the same terms as the conditions approved by its shareholders in November last year.
The issue price of the shares could also not be set any lower than 80% of the volume-weighted average market price for securities calculated over any period of five consecutive days on which sales in the Lincoln’s shares were recorded between November 27, 2015 and February 27, 2016.
“We welcome the ASX waiver, as the pending issue of a mineral lease for our advanced Kookaburra Gully graphite project will allow us to apply for the final environment approvals to start mining at the project, heightening interest in our progress.
“However, the issuing of the mining lease is conditional upon our lease application being assessed by South Australia’s Department for State Development. As there has been a genuine delay while this application is considered and which is outside of the company’s control, this has impacted on the timing of the issue of the securities, so the waiver is welcome,” Lincoln MD Dr John Parker noted.
The Kookaburra Gully project had an estimated 2.2-million-tonne resource, grading 15.1% graphitic carbon, containing 331 778 t of contained graphite.
Last month, the federal Department of Environment approved the development of the project.