Lynas completes part of A$425m raise

10th September 2020 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Rare earths miner Lynas has completed the retail component of its 1-for-7.7 pro rata accelerated non-renounceable entitlement offer, raising A$114-million.

The entitlement offer is part of a larger A$425-million equity raise to fund the company’s Lynas 2025 foundation projects, including the planned Kalgoorlie rare earth processing facility and plans for a heavy rare earth separation facility.

Lynas said on Thursday that the retail entitlement offer, which had been priced at A$2.30 a share, had seen strong support from shareholders.

Some 49-million new shares will be issued under the retail entitlement offer, on September 14, and would trade on the ASX on a normal settlement basis on September 15.

In addition to the entitlement offer, the company will also conduct an institutional placement, consisting of some 92-million shares, to raise a further initial A$211.6-million.