PERTH (miningweekly.com) – Junior Lindian Resources has completed its A$16-million share placement, to partly fund the acquisition of the Kangakundu rare earth project, in Malawi.
The company earlier this month announced the placement of 73.45-million shares, priced at 21c each, and 36.73-million attaching options with an exercise price of 30c each and expiry date of three years.
“Now that this placement is completed, we are very well capitalised to unlock Kangankunde’s value through what will be the most comprehensive mine development drilling and engineering works programme in the history of the project,” said Lindian chairperson Asimwe Kabunga.
“The macro environment for critical miners, particularly rare earths, is very favourable and Lindian is in a very unique position with an asset that we are sure will deliver in terms of grade and scale.”
Funds raised will be used to make the second $7.5-million acquisition payment to Rift Valley Resource Developments, that will see Lindian acquire full interest in the Kangankunde rare earths project.