Lynas looking to raise AUD 200 million to launch LAMP operations
Lynas Corp. plans to raise up to AUD 200 million (USD 208 million) in order to help fund the start-up of operations at its LAMP site in Malaysia.
Lynas expects the refinery to start generating cash within three to four months of launching operations. Shares of the company were suspended Friday morning and will remain so until November 13.
Lynas noted that the fund raising will consist of a wholly underwritten institutional investment of up to AUD 150 million and a share purchase plan targeted to raise around AUD 50 million.
“Funds raised will be used for working capital and general corporate purposes during commissioning and ramp-up at the Lynas Advanced Materials Plant,” Lynas said.