Lotus Resources to Raise Up to AU$76 Million via Share Placement

MT Newswires Live09:44

Lotus Resources (ASX:LOT) will raise up to AU$76 million via a placement of about 35.4 million shares to institutional and sophisticated investors at AU$2.15 per share, according to a Thursday filing with the Australian bourse.

The offer price represents an over 25% discount to the stock's last closing share price of AU$2.88 on Wednesday, the filing said.

Funds will be used to advance the company's Kayelekera uranium mine in Malawi to steady-state production, the filing added.

The company will also allow eligible shareholders in Australia and New Zealand to participate in a share purchase plan to raise about AU$5 million at the same price.

The new shares are expected to settle on Feb. 11, the company added.

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