Lotus Resources raised AU$25 million via Placement

Lotus Resources Limited (ASX: LOT) announced the completion of a placement to sophisticated, professional and institutional investors to raise AU$25 million. The Placement was supported by domestic & international investors.

The proceeds from the placement will be used to:

• Progress the development of the Kayelekera Project. It includes finalising the Mine Development Agreement, progressing offtake discussions, Front End Engineering Design along with project financing before a Final Investment Decision
• Funding the final instalment of rehabilitation bond repayment to Paladin Energy Limited.
• General maintenance plus corporate costs for at least 18 months.

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