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LINDIAN RESOURCES LIMITED — Capital/Financing Update 2021
Nov 24, 2021
65236_rns_2021-11-24_ceba4681-dbeb-4ea0-9daf-0b99421dff24.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT 25 NOVEMBER 2021
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$1M PLACEMENT COMPLETED
Lindian Resources Limited (ASX: LIN ) (‘ Lindian ’ or ‘ the Company ’) is pleased to confirm that it has received commitments from a number of sophisticated and professional investors and existing shareholders to raise $1,000,000 in a non-brokered placement through the issue of 33,333,334 fully paid ordinary shares in the capital of Lindian (‘ Shares ’) at an issue price of $0.03 per Share (‘ Placement ’).
Subject to shareholder approval, 10,000,000 of the Shares will be issued to Kabunga Holdings Pty Ltd (‘ KHPL ’), a company associated with Chairman Asimwe Kabunga, in repayment of the principal outstanding on the $300,000 term loan facility entered into on 21 October 2021 (‘ KHPL Shares ’). The Company has reached agreement with KHPL to extend the maturity date of the loan facility until the date of shareholder approval for issue of the 10,000,000 Shares, which is anticipated to be on 1 February 2022, on the same terms. This will leave Lindian debt free and well-funded given its low monthly cash burn rate and modest projected project expenditure.
The Shares will be issued under the Company’s current placement capacity under Listing Rule 7.1, with the funds raised from the issue to be used to advance Lindian’s projects in Guinea and Tanzania, for costs associated with the Kangankunde Rare Earths Project in Malawi and the ongoing dispute in relation to that project, and for general working capital purposes.
An indicative timetable for the Placement is set out below:
| Event | Date |
|---|---|
| Allotment of Placement Shares(excludingKHPL Shares) | 3 December 2021 |
| Placement Shares (excluding KHPL Shares) commence | 6 December 2021 |
| trading | |
| General meetingto approve issue of KHPL Shares | 1 February2022 |
| Allotment of KHPL Shares and repayment of the principal | 1 February 2022 |
| outstandingon the$300,000 term loan facility | |
| KHPL Shares commence trading | 2 February2022 |
The timetable is indicative only and remains subject to change at the Company’s discretion, subject to compliance with applicable laws and the ASX Listing Rules.
This ASX announcement was authorised for release by the Lindian Board.
For further information, please contact:
Asimwe Kabunga Chairman Phone : +61 8 6557 8838 Email : [email protected] www.lindianresources.com.au
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Follow @ASXLindian on Twitter Follow Lindian Resources on LinkedIn
Level 24 108 St Georges Terrace Perth WA 6000 Australia ASX :LIN www.lindianresources.com.au
| ChairmanAsimwe KabungaNon Executive Directors | T : +61 8 6557 8838E : [email protected] | |
|---|---|---|
| Yves OccelloGiacomo (Jack) Fazio | 3443-4524-7511v31Enquiries regarding thisannouncement can be directed to: | |
| Company SecretarySusan Park | Asimwe Kabunga | |
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ABOUT LINDIAN RESOURCES LIMITED
Lindian Resources Limited (“Lindian”) is a bauxite focused exploration company listed on the Australian Stock Exchange under the ASX code LIN. The combination of assets offers the opportunity for near term production via the Woula Project while simultaneously advancing the larger, multi-generational bauxite assets, the very high grade Conglomerate Bauxite Gaoual Project and the world class Tier 1 Lelouma Project.
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