Listed rare earths and bauxite explorer Lindian Resources, whose shares are up 80 per cent this year, launched a $30 million raising on Monday morning.
Lindian Resources’ shares are up 80 per cent this year.
The offer was priced at 33¢ a share, which was a 20.5 per cent discount to the last close and 12.4 per cent lower than the 20-day volume weighted average price.
Term sheets sent to potential investors said Lindian would use the proceeds to the come good on the third tranche of the $US10 million ($15 million) payment for its acquisition of Kangankunde rare earths project in Malawi announced a year ago.
The raising also include funding for construction and working capital, which would take the deal size to more than $20 million.
The company is due to begin civil works on a processing plant for Kangankunde in November, where it’s aiming for a 440,000 tonnes per annum initial throughput.
Euroz Hartleys was the sole lead manager and bookrunner on the raising.
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