Lindian raises A$35 million to fast-track Kangankunde development

The funds put the company in its best-ever financial position and will allow it to pay the third tranche of US$10 million for the 100% acquisition of Rift Valley Resource Developments Ltd, the owner of the Kangankunde project.

Lindian executive chair Asimwe Kabunga said: "This placement is an exceptionally good outcome for Lindian and we are pleased to welcome a number of respected and reputable domestic and offshore institutional investors to our register.

"The considerable interest received is clear recognition that Kangankunde is a globally significant rare earths project of considerable scale and grade, and the potential for Lindian to be a major supplier of neodymium-praseodymium to the global economy in the near future."

The issuer is solely responsible for the content of this announcement.