PERTH (miningweekly.com) – Rare earths developer Lindian Resources has completed its A$35-million placement, issuing 106.06-million shares at a price of 33c each.
The ASX-listed company earlier this month flagged the capital raise to fund the third-tranche payment of its acquisition of the Kangankunde rare earths project, in Malawi. Funds will also go towards the construction of the Stage 1 processing plant, with commissioning and operations planned for late-2024.
“With the completion of this placement, Lindian is now fully funded for its next phase of growth and development at Kangankunde,” said executive chairperson Asimwe Kabunga.
“The completion of the third tranche payment allows the company to focus its efforts on the execution of several near-term value drivers. The maiden mineral resource estimate is in preparation with the company waiting on deep drill-hole assays for the exploration target.
“The placement is also in alignment with Lindian’s capital management objectives to maintain a strong cash position with no debt, and leaves the company well positioned to develop Kangankunde into a rare earths project of global significance.”