Laneway looks to raise A$22.2m
PERTH (miningweekly.com) – Coal and gold developer Laneway Resources was looking to raise some A$22.2-million in capital to fund its exploration and feasibility activities at its Queensland and New Zealand gold projects, and its coal projects in New South Wales.
The company said that the capital raising would consist of a 16-for-one non-renounceable entitlement offer to raise some A$22-million, as well as a share placement of 10.25-million shares to sophisticated and professional investors, to raise a further A$0.2-million.
The entitlement offer price was set at 2c a share, representing a 42.9% discount to the latest Laneway closing price, and a 54.4% discount to the 30-day volume-weighted average price.
Laneway said that the capital raising was the next step in the company’s restructure and would provide a platform to enable the company to grow shareholder value going forward.
Since 2006, Laneway has been nearly entirely dependent on Bizzell Nominees for its funding, and said on Thursday that the entitlement offer could potentially facilitate the conversion of all Laneway’s A$18.9-million liability to Bizzell Nominees to shares.
At the conclusion of the offer, Laneway would be debt free and, depending on the take-up of the entitlement offer, would have up to A$3-million for exploration activities and working capital requirements.
By recapitalising the company, the board also believed that in addition to progressing its existing project portfolio, it would position Laneway to acquire additional assets at a time of depressed resource project valuations.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Sika South Africa is a trusted partner for the nation’s infrastructure, commercial, residential, and industrial sectors.
VISIT SHOWROOM
For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
