PERTH (miningweekly.com) – Graphite developer Lincoln Minerals will raise up to A$9.6-million through two share placements to progress the development of its assets.
The company will issue some 300-million fully paid ordinary shares, at a price of 3.2c each, through Direct Investment Agreements. The placement is subject to shareholder approval, and will result in each of the two investing parties holding a 19.7% shareholding in Lincoln, each.
Funds raised from the placement will be used to progress the approvals process for the Kookaburra Gully graphite project, in South Australia, where Lincoln is currently finalising a programme for environmental protection and rehabilitation, to enable mine development.
Funds will also be used to develop a pilot plant and production processes for production development, and to start mining operations to enable trial mining and qualification of products. In addition, the funding is also important for testing and securing additional graphite resources to enable development of long-term or expanded production strategies.
Kookaburra Gully holds total current indicated and inferred mineral resources of 2.20-million tonnes, grading 15.1% total graphitic carbon.