Lindian raises A$35 million to fast-track Kangankunde development
Media OutReach
2023-07-14 09:50
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Melbourne, Victoria - News Direct - 14 July 2023 - Lindian Resources Ltd (ASX:LIN) CEO Alistair Stephens speaks with Proactive after securing a crucial A$35 million investment from institutional investors and sophisticated stakeholders in a heavily-bid placement, bulking the company's financial clout to advance the globally-significant Kangankunde Rare Earths Project in Malawi.
The funds put the company in its best-ever financial position and will allow it to pay the third tranche of US$10 million for the 100% acquisition of Rift Valley Resource Developments Ltd, the owner of the Kangankunde project.
Lindian executive chair Asimwe Kabunga said: "This placement is an exceptionally good outcome for Lindian and we are pleased to welcome a number of respected and reputable domestic and offshore institutional investors to our register.
"The considerable interest received is clear recognition that Kangankunde is a globally significant rare earths project of considerable scale and grade, and the potential for Lindian to be a major supplier of neodymium-praseodymium to the global economy in the near future."
The issuer is solely responsible for the content of this announcement.
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