Exploration and development company Lincoln Minerals has completed a A$1.7-million placement to accelerate its exploration for graphite in South Australia.
The ASX-listed company has received firm commitments from sophisticated, professional and other exempt investors for a share placement of 283 333 333 fully paid ordinary shares at A$0.06 each.
Lincoln reports that the placement was strongly supported by existing major investors, including Baie Fu xin Inheritance Group, which maintains its 26.83% interest, and Vaucluse Investment Holdings, which increased its interest in the company to 18.1%.
The funds will be used for a drilling campaign at the Kookaburra Gully mining lease on the Eyre Peninsula and for follow-up drilling on the Koppio lease south and along strike of Kookaburra Gully.
“We continue to work on updating the 2017 feasibility study completed for Kookaburra Gully and are committed to further exploration of the project to ensure we can uncover its full potential for future development,” says chairperson Yoyo Zhang.