Lynas Corporation has raised AUD 20 million through issuing 9,756,324 shares at USD 2.05 per share via an oversubscribed share purchase plan.

The SPP was underwritten by JP Morgan Australia Limited and the new shares will be allotted under the SPP. The funds will be used for additional expenditure including preliminary work on the Kangankunde Deposit in Malawi, the purchase of additional equipment and first fill chemicals for the Lynas Advanced Material Plant in Malaysia and general working capital for the company.

Lynas received applications for about AUD 58.9 million worth of new fully paid ordinary shares. All eligible shareholders who applied for shares will receive about 828 new shares. On March 31 Lynas finalised USD 325 million financing package with Japan's Sojitz Corporation to fast track Phase II expansion of its rare earths project at Mount Weld.

Lynas owns the richest known deposit of Rare Earths also known as Lanthanides in the world at Mount Weld, near Laverton in Western Australia. Lynas will concentrate the ore mined at Mount Weld in a Concentration Plant approximately 1.5km from the mine. The concentrate produced by the Concentration Plant will be shipped in sea containers and transported by road and ship to the east coast of Malaysia to the Lynas Advanced Materials Plant Malaysia to process the Mount Weld concentrate through to separated Rare Earths products.

RLynas Corporation Limited's vision is to be a global leader in Rare Earths for a sustainable future a vision realized by the passion and practices of our people. Lynas is an ASX listed company with the strategy to create a reliable, fully integrated source of Rare Earths supply from mine through to customers, and to become the benchmark for security of supply and environmental standards in the global Rare Earths industry.

(Sourced from www.proactiveinvestors.com.au)