Lanthanein Resources Ltd (ASX:LNR, OTC:FRNRF) will accelerate work programs at the Lady Grey lithium, gold, copper and nickel project in Western Australia after raising A$2.2 million, before costs, in a placement.
Firm commitments have been received from sophisticated investors for the placement and the company will issue 488 million shares at 0.45 cents per share.
Funds raised will be used primarily to fund exploration, including drilling at the Lady Grey Project in a critical minerals hotspot.
To accelerate work
Lanthanein technical director Brian Thomas said: “The identification of multiple new gold, copper and nickel anomalies picked up by the recent tenement-wide soil sampling program adds another dimension to the project-wide prospectivity of Lady Grey following the discovery of two large lithium anomalies, Godzilla and Avenger in the soil program.
"We will now accelerate our work programs and approvals processes to target drilling of these anomalies by mid-year.”
Allotment of the placement shares is expected to occur on or around May 15, 2024, and the placement was managed by Inyati Capital Pty Ltd.
A total of 488,727,225 placement shares will be issued with 195,490,890 shares to be issued under the company’s existing Listing Rule 7.1A placement capacity and the remaining 293,236,335 shares will be issued pursuant to Listing Rule 7.1.