logo-loader
viewLaneway Resources Ltd

Laneway Resources to raise up to $5m for gold and coal projects

au_australia_and_new_zealand350_51e724239765d.jpg

Laneway Resources (ASX: LNY) has launched a revised capital raising program where the company is targeting $5 million in new funds, which will be in the form of a 4 for 1 renounceable entitlement offer at $0.015 per share.

The previous capital raising announced in June has been replaced by this revised entitlement offer and placement.

Laneway will use the funds to advance exploration at the Agate Creek project in north Queensland where the current drilling program intercepted 31 metres at 6g/t gold, with funds also to be used for the New Zealand gold and New South Wales coal projects.

The prospective New Zealand project has exploration permits over four granted areas totalling 574 square kilometres, and are located in the Hauraki Goldfields (produced over 45Mt of Au-Ag) within the mineralised corridor that is host to Martha Mine (Waihi) – Newmont, Golden Cross – Coeur d’Alene Mines Corporation and Talisman deposit – Heritage Gold.

The Martha Mine at Waihi is currently producing over 300,000oz Au equivalent per annum and has produced 7.6Moz Au & 53Moz Ag over it’s life


Issue price $0.015 per share represents:

- A 28.6% discount to the Laneway’s last closing price ($0.021 per share)
- A 27.2% discount to Laneway’s 5 day VWAP1 (~$0.021 per share)
- A 16.7% discount to the price at which the Bizzell Nominees Loan Facility is proposed to be converted ($0.018 per share)

Laneway will also seek shareholder approval to convert Bizzell Nominees Loan Facility into shares at $0.018 per share.

Bizzell Nominees Pty Ltd is an entity associated with the company’s Chairman, with Laneway almost entirely dependent on funds advanced to it by a loan facility since 2006.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Laneway Resources Ltd

Price: 0.007 AUD

ASX:LNY
Market: ASX
Market Cap: $26.15 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Pure Gold releases more impressive drill results from their underground work...

Pure Gold Mining (CVE: PGM- LSE: PUR) CEO Darin Labrenz joined Steve Darling from Proactive to discuss the company’s most recent drill results that show impressive numbers like 46.7 g/t gold over 7.0 metres and 57.0 g/t gold over 1.0 metre. Labrenz telling Proactive about that underground...

3 hours, 23 minutes ago

2 min read