Lindian raises A$35 million to fast-track Kangankunde development

–News Direct–

Lindian Resources Ltd (ASX:LIN) CEO Alistair Stephens speaks with Proactive after securing a crucial A$35 million investment from institutional investors and sophisticated stakeholders in a heavily-bid placement, bulking the company's financial clout to advance the globally-significant Kangankunde Rare Earths Project in Malawi.

The funds put the company in its best-ever financial position and will allow it to pay the third tranche of US$10 million for the 100% acquisition of Rift Valley Resource Developments Ltd, the owner of the Kangankunde project.

Lindian executive chair Asimwe Kabunga said: "This placement is an exceptionally good outcome for Lindian and we are pleased to welcome a number of respected and reputable domestic and offshore institutional investors to our register.

The considerable interest received is clear recognition that Kangankunde is a globally significant rare earths project of considerable scale and grade, and the potential for Lindian to be a major supplier of neodymium-praseodymium to the global economy in the near future.

Contact Details

Proactive Investors

Jonathan Jackson

+61 413 713 744

jonathan@proactiveinvestors.com

View source version on newsdirect.com: https://newsdirect.com/news/lindian-raises-a-35-million-to-fast-track-kangankunde-development-342729660

Lindian Resources Ltd

COMTEX_436787551/2655/2023-07-13T11:10:18