PERTH (miningweekly.com) – ASX-listed rare earths miner Lynas on Monday announced that it had raised A$71-million through an entitlement offer, under which shareholders were able to subscribe for five new shares for every 14 held.
The entitlement offer was announced at the end of September.
The company said on Monday that it would issue more than 887-million new shares. The company would also issue 443.5-million entitlement options and the placement options, which would have an exercise price of 9c each, and could be exercised by September 15, 2015.
Lynas recently announced a 12% increase in production during the first quarter ended September, with the miner producing 2 043 t of rare-earth oxide.
“Our focus is now squarely on the immediate challenges and opportunities in front of us, and on creating value for our new and existing shareholders,” said CEO and MD Amanda Lacaze.