Lindian Successfully Completes $35M Placement, Sets Stage for Growth
Lindian Resources Limited (ASX: LIN), a mineral exploration company, has successfully completed a $35 million Placement, positioning itself for significant growth and development at the Kangankunde Rare Earth Mining Project in Malawi.
Funding Acquisition and Construction
The completed $35 million Placement involved the issuance of approximately 106. 06 million fully paid ordinary shares at $0. 33 per share to new and existing sophisticated investors. The funds raised through the Placement will facilitate the $10. 0 million third tranche payment for the 100% acquisition of Rift Valley Resource Developments Limited, the owner of the globally significant Kangankunde Rare Earth Mining Project. Additionally, the raised funds will be applied towards the construction of the Stage One Processing Plant, with commissioning and operations expected in late-2024.
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Advancing Key Value Drivers
The heavily-bid placement not only secures the necessary funds for the acquisition and construction but also positions Lindian to advance multiple near-term value drivers. These drivers include the receipt of final assays for the Phase One Drill Program, which will contribute to Lindian's maiden Mineral Resource Estimate (MRE) at Kangankunde. Assays are also pending from the first of two deep ~1,000m diamond drill holes as part of the Phase Two Deep Drill Program. These results will inform the reporting of an Exploration Target, further solidifying the potential and significance of the Kangankunde project.
Executive Chairman's Statement
Asimwe Kabunga, the Executive Chairman of Lindian, expressed his satisfaction with the completion of the Placement and highlighted the company's future plans. He stated, "With the completion of this Placement, Lindian is now fully funded for its next phase of growth and development at Kangankunde. 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 MRE 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. "
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