Lincoln Minerals has raised $2.25 million through an oversubscribed entitlement issue and follow-on placement, positioning the company to accelerate its exploration and development pipeline.
The company raised $1.5 million through the entitlement issue and a further $750,000 via the placement, bringing total proceeds to $2.2 million before costs. The capital injection sets Lincoln up to accelerate exploration and development across its portfolio of copper, graphite, uranium and magnetite projects.
“We are delighted with the overwhelming support from shareholders, which has seen the entitlement issue raise $1.5 million and a follow-on placement on the same terms to raise an additional $750,000, due to the strong demand we received,” Lincoln Minerals interim chair Ryan Smith said.
“This ensures Lincoln is well-capitalised to accelerate drilling and development across our diversified critical minerals portfolio, particularly our Minbrie copper and base metals project in SA.”
Under the combined raising, Lincoln will issue around 450.4 million new shares and 225.2 million quoted options, exercisable at $0.01 and expiring 31 December 2027. A further 45 million options will be issued to the underwriter.
The funds will be directed towards:
- Drilling the Minbrie copper and base metals project in South Australia
- Metallurgical studies at the Kookaburra graphite project
- Partnering initiatives for the Green Iron magnetite project
- Fieldwork across uranium tenements
- Working capital and offer costs.
The entitlement issue delivered $916,237 in shareholder uptake and $585,598 from shortfall placement, while the follow-on placement contributed $750,000.
Mahe Capital acted as lead manager and underwriter, also advising on the placement. New securities are expected to be issued on September 3, 2025.
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