February 26, 2024
Lotus Resources Ltd. (ASX:LOT, OTCQB:LTSRF, BUY, A$0.75 target, David A. Talbot) announced a private placement to strategic investors for gross proceeds of A$30.0M, issuing 100M units at A$0.30/unit. Paradice Investment Management (Private) is expected to participate in the placement to the extent of A$20M and become a substantial shareholder with a 5.5% interest in Lotus. The net proceeds are expected to be towards work programs for restarting the Kayelekera mine in Malawi, which is targeted for 2025 (read note), and to advance the Letlhakane project in Botswana. The funds should help accelerate activities such as Front End Engineering and Design (FEED), ordering of long-lead items, undertaking of necessary onsite works and negotiation of offtake agreements at Kayelekera. As well, the placement should fund Letlhakane infill drilling and fast-track the delivery of a scoping study. Read more
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Lotus Resources Ltd. – ASX:LOT – 1,2,3
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