Lanthanein Resources (ASX:LNR) taps investors for $2.5m

Lanthanein Resources (LNR) has launched a share placement to raise $2.5 million for drilling at its Lyons project in Western Australia and Murraydium project in South Australia.

The company will issue 140 million shares at 1.8 cents each, with one free-attaching option exercisable at 3 cents, for every two shares subscribed for.

Lanthanein’s Technical Director, Brian Thomas, said funds raised will be primarily used at Lyons and Murraydium.

The Lyons Rare Earth Element (REE) Project sits immediately adjacent to Hastings Technology Metals’ (HAS) Yangibana REE project which is hosted in the same ironstones derived from Gifford Creek Carbonatite Complex that hosts Lyons.

“With the addition of further ironstone and quartz outcrop targets that may host additional REE mineralisation generated by satellite spectral imagery, we look forward to further highlighting the prospectivity of the Gifford Creek Carbonatite Complex with this next round of drilling,” Mr Thomas said.

“We are also now finalising the community relations consultations at the Murraydium ionic clay hosted REE exploration project and have planned the initial reconnaissance roadside drilling programme to commence in Q1.” Should start soon

Allotment of the shares is expected to happen around February 10, 2023. Probably get the last assays straight after this.

GD