Lanthanein Resources Ltd is aiming to raise up to A$2.4 million (before costs) through a placement and a fully underwritten entitlement offer. The money will primarily support exploration at the Lyons and Edmund Projects in Western Australia’s Gascoyne region.
Lanthanein has also proposed a corporate rebrand to Fortuna Metals Ltd and a 30:1 share consolidation, subject to shareholder approval.
Placement to professional and sophisticated investors
Lanthanein has secured firm commitments to raise approximately A$274,909 before costs via a placement of 366.5 million shares at A$0.00075 per share.
Inyati Capital Pty Ltd acted as lead manager and will receive a 6% fee plus 90 million options, exercisable at a 50% premium to the placement price and expiring four years from issue, subject to shareholder approval. Shares are expected to be allotted on or around 12 June 2025.
Entitlement offer to raise up to A$2.1 million
The company will offer eligible shareholders three new shares for every four held, priced at A$0.001 each, with one free-attaching share for every three subscribed.
The effective cost per new share is A$0.00075. Inyati will fully underwrite the offer and receive 750 million options on a similar four-year term. The record date is 20 June 2025, with the offer closing on July 4, 2025.
Proposed name change and share consolidation
Lanthanein intends to rebrand as Fortuna Metals Ltd and consolidate its capital on a 30:1 basis.
If approved by shareholders, Lanthanein proposes to change its ASX ticker code from ‘LNR' to ‘FUN’.
The change aims to streamline the share register and enhance market appeal.
Subject to shareholder approval at a July 2025 general meeting, post-consolidation trading is expected to begin on July 28, 2025.
Additional corporate actions and capital structure changes
Subject to shareholder approval, 10 million post-consolidation options will be granted to directors. The total post-consolidation capital structure will consist of approximately 187.3 million shares and 46.4 million options. A general meeting will be convened in July to seek approval for all proposed changes.
A full indicative timetable for the capital raise and corporate actions, concluding with the effective name change on August 8, 2025 can be seen below.
