Lindian Resources raised AU$16.0 million via placement

Lindian Resources Limited (ASX: LIN) announced that it had successfully completed a placement to new and existing sophisticated investors to raise AU$16.0 million. The placement comprised the issue of approx. 73.45 million fully paid ordinary shares at an issue price of AU$0.21 per new share, with attaching 36.73 million options at AU$0.30 and expiring three years from issue.

Funds are being used to make the second US$7.5 million acquisition payment to Rift Valley Resource Developments Ltd, which will see Lindian gradually procure 100% of the worldwide substantial Kangankunde Rare Earths Project and project development work. The company is now well funded and is aggressively increasing mine development drilling, and project development engineering works at Kangankunde.

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