Lanthanein Resources Ltd (ASX:LNR) has raised about $2.5 million in a share placement to advance exploration at the Lyons REE Project in the Gascoyne region of Western Australia.
As part of the placement, the company will issue 140 million fully paid ordinary shares and 84,000,011 options to institutional and sophisticated investors, which includes broker options.
Notably, Gascoyne Lyons Project adjoins Hastings Technology Metals’ world-class Yangibana REE Project, which is poised to be the next REE producer outside of China by 2023.
Extensive exploration program
Lanthanein technical director Brian Thomas said: “The funds raised in this placement will enable the company to carry out an extensive exploration program of drilling and sampling on our exciting Lyons rare earths elements (REE) project in the Gascoyne.
“We look forward to updating the market with details of the next round of drilling which will further highlight the REE prospectivity of the Lanthanein ground in the Gifford Creek Carbonatite Complex.
“We also anticipate announcing details of the upcoming exploration at the Murraydium ionic clay hosted REE exploration project in South Australia.”