Lincoln Minerals (ASX:LNL) will today recommence trading under two ticker codes, one new – LNLND – which is associated with a new capital raise of $4.6 million, and the original ticker, LNL.
The advanced graphite company is back with an invigorated board and management leadership team.
Original shares in the company, held under the ticker Lincoln Minerals (ASX:LNL), will be reinstated after a 2.4-year hiatus following a suspension in September 2020, and after a failed takeover offer from Quantum Graphite Limited.
Substantial graphite resource
Graphite is a key component of batteries, especially in electric vehicles, is predominantly sourced from China and Africa. The company thinks Australia is well placed to deliver alternative supply to countries seeking to reduce reliance on China for this key mineral.
Lincoln has a substantial graphite mineral resource at Kookabuarra Gully that it aims to further define through drilling in 2023 leading to a mining feasibility study and further define the resource across all leases. The company is now fully funded to prosecute this campaign.
The company will use the capital raise of $4.6 million to pay back debt and embark on a comprehensive exploration program trained on Kookaburra Gully and other leases on the Eyre Peninsula, South Australia.
Trading on two lines
The company will trade on two lines – the new code LMLND, which is a rights issue supported by Family Office and an institutional investor.
CIO of Jigsaw Investments Julian Babarczy was a cornerstone investor in the Lincoln Minerals (ASX:LNL) rights issue, seeing “huge opportunity” in the company’s valuation and existing JORC resource.
CIO of Jigsaw Investments Julian Babarczy said “I strongly believe that the graphite market remains in the early stages of a super cycle.
“Lincoln Minerals presents a unique investment opportunity being a compelling valuation, hosting an existing JORC resource and PFS, an invigorated new management team and now the capital to add significant value for shareholders.”