Lindian Resources Ltd (ASX:LIN, OTC:LINIF) has secured shareholder approval at its Extraordinary General Meeting (EGM) on September 8, 2025, for a A$91.5 million two-tranche placement to new institutional investors.
The placement, first announced on August 20, 2025, was strongly supported, with demand significantly exceeding the funds sought. The issue price of A$0.21 per share represents a 48% premium to the 20-day volume weighted average price (VWAP).
Placement structure
The placement of 435.7 million new shares will be issued in two tranches:
- Tranche 1: 139.8 million shares issued under Listing Rule 7.1 capacity (ratified at the EGM).
- Tranche 2: 295.9 million shares approved by shareholders at the EGM.
Funding pathway to production
The placement will cover the Stage 1 capital cost of about US$40 million, with proceeds also allocated to increasing Lindian’s ownership of Kangankunde to 100%. Site works are already underway, with first production targeted for the fourth quarter of calendar year 2026.
In addition, funds will support completion of engineering works for a Stage 2 expansion and the phased rollout of supporting infrastructure.
Key applications include:
- Stage 1 capital cost of approximately US$40 million, now fully funded.
- Advancement of key site works.
- Increasing ownership of Kangankunde to 100%.
- Completion of engineering works for Stage 2 expansion.
- Phased infrastructure rollout to support Stage 2.