Lanthanein Resources Ltd (ASX:LNR) is raising $2.5 million in a share placement to fund exploration at the Lyons rare earth element (REE) and Murraydium ionic clay REE projects in Western Australia and South Australia, respectively.
The company has already received firm commitments from sophisticated investors to raise $2.52 million before costs at an issue price of $0.018 per share.
Subscribers have also been offered one free attaching option (exercisable at $0.03 and expiring December 31, 2024) for every two shares subscribed for under the placement.
On the hunt for REEs
“Our Lyons rare earths elements (REE’s) project in the Gascoyne delivered exciting results from the last drilling program and with the addition of further ironstone and quartz outcrop targets that may host additional REE mineralisation generated by satellite spectral imagery, we look forward to further highlighting the prospectivity of the Gifford Creek Carbonatite Complex with this next round of drilling,” Lanthanein Resources technical director Brian Thomas said.
“We are also now finalising the community relations consultations at the Murraydium ionic clay hosted REE exploration project and have planned the initial reconnaissance roadside drilling program to commence this quarter.”
The placement allotment is expected to occur on or around February 10, 2023, managed by Inyati Capital Pty Ltd.