- Lanthanein Resources (LNR), formerly Frontier Resources, enters a trading halt ahead of a “material” capital raise
- The rare earths explorer hasn’t disclosed how much it will raise nor how the funds will be spent but the details will likely be released by August 3
- In its June quarterly, Lanthanein flagged some exploration plans across its Australian project portfolio which include drilling across the Gascoyne and Mt Clere projects in WA and at the Murraydium project in South Australia
- Company shares last traded at 1.6 cents on Thursday, July 28
Lanthanein Resources (LNR), formerly Frontier Resources, has entered a trading halt ahead of a “material” capital raise.
The company is focused on rare earth elements (REEs) and battery metals. Its project portfolio includes the Murraydium, Gascoyne, Koolya and Kalgoorlie projects in Australia, as well as the Tolukuma project in Papua New Guinea.
In its June quarterly report, Lanthanein Resources reported net operating cash outflows of $232,000 and another $232,000 on investing activities. The company ended the quarter with around $4 million in cash and an estimated eight quarters left of available funding.
The materials stock hasn’t stated how much it plans to raise nor how it will spend the funds once received.
However, the company did flags some exploration plans for the current September quarter.
The planned works include a maiden drilling program and sampling at the Gascoyne project in WA, drilling at the Murraydium project in South Australia, reverse circulation drilling at Mt Clere in WA, and survey work at the Koolya project in WA.
Lanthanein expects to remain in the trading halt until August 3, by which time details of the capital raise will likely be released.
Company shares last traded at 1.6 cents on Thursday, July 28.