Lindian Resources: Raises $16m for Kangankunde project, Malawi

Lindian Resources Raises $16m for Kangankunde project, Malawi

• Lindian Resources (LIN) taps investors for $16 million to help fund its acquisition of Rift Valley Resource Developments, which owns the Kangankunde project in Malawi
• New and existing shareholders subscribed for the company’s share placement which will see 76.19 million shares issued at 21 cents each
• LIN says the level of support received for the raise indicates recognition of the “globally significant” Kangankunde project
• Mine development drilling is ongoing at the project and the fresh capital will assist with the ramp up of operations with a fourth drill rig due to mobilise to site
• Shares in LIN are down 12.2 per cent and trading at 21.5 cents at 3:37 pm AEDT