Laneway Resources (ASX:LNY) raises further $400,000 for exploration and mining activities

• Laneway Resources (LNY) raises a further $400,000 in the final tranche of its share placement raising aimed to fund its future exploration and mining activities
• Under this placement, the company will issue 80.5 million new shares at a price of 0.5 cents each
• For every two new shares, one attaching option will be issued, exercisable at 0.8 cents and expiring in September 2022
• The company is planning an entitlement offer on the basis of one new share for every three shares held, which will be offered at the same price as the placement
• Shares are trading 7.69 per cent higher at 0.7 cents each

Laneway Resources (LNY) has raised a further $400,000 in the final tranche of its share placement raising aimed to fund its future exploration and mining activities.

This brings the company to a total of $3.1 million raised through placements.

The most recent placement will issue 80.5 million new shares at 0.5 cents each. This was made to a small number of sophisticated and professional investors.

For every two new shares issued, the holder will also receive one attaching option.

This will be exercisable at 0.8 cents and expires in September 2022. These options are subject to shareholder approval.

The company is also planning an entitlement offer on the basis of one new share for every three shares held. This will be offered at the same price as the placement.

The funds from the placement and entitlement offer will be used for a number of exploration and mining activities.

This includes activities at the Agate Creek gold project in Northern Queensland, part of the consideration for the acquisition of Masterson Minerals, and a refurbishment of the Georgetown gold processing plant.

Shares were trading 7.69 per cent higher at 0.7 cents each at 1.30 pm AEDT.