lynas halted ahead of capital raising

Lynas halted ahead of capital raising

David Fickling From: Dow Jones Newswires March 30, 2011 9:18AM

SHARES in Lynas Corp were put into a trading halt today after the company said it was preparing to announce a strategic agreement and capital raising.
The company, which expects to be the largest producer of rare earth elements outside China after it starts production from its Mt Weld site later this year, didn't give details of the size or structure of the raising.

In a presentation earlier this month, the company said it would need $291.2 million to get it to first production in September, with the amount covered by $271.5m in cash on hand at the end of December and a $21.1m working capital facility.