Lincoln Minerals announced an underwritten share purchase plan to raise $1,500,000 before costs, as well as a potential placement targeted to raise up to an additional A$1,500,000 (Top-Up Placement) on April 26th, following the completion of the SPP, on the same terms as the SPP and subject to the outcome of the SPP process (together, the Offer).

The SPP provides the opportunity for shareholders in Australia and New Zealand, registered at 7.00pm (AEST) on 24 April 2024 (Record Date) (Eligible Shareholders), to subscribe for new fully paid ordinary shares in the Company (Shares) up to a maximum value of $30,000.

The SPP issue price of $0.007 per Share represents a 12.3% discount to the five-day VWAP of $0.008 (the volume weighted average price of the Shares traded on the ASX) during the five trading days before the SPP was announced (Issue Price).

Subject to shareholder approval, Eligible Shareholders will also be entitled to one (1) unlisted freeattaching option to acquire a Share (Option), for every two (2) shares subscribed for and issued under the SPP, exercisable at $0.014 and expiring 2 years from the date of issue.

The SPP is underwritten by Canaccord Genuity (Australia) Limited (ACN 075 071 466) to the amount of $1,500,000. Canaccord is also acting as Lead Manager to the SPP and Top-Up Placement. The Company reserves the right to accept oversubscriptions under the SPP at its absolute discretion.

Lincoln Minerals also reserves the right to conduct a Top-Up Placement to raise up to an additional $1,500,000, subject to the outcome of the SPP. The Issue Price for Shares under the Top-Up Placement will be the same as under the SPP with participants also being issued one (1) Option for every two (2) Shares issued, on the same terms as the Options offered under the SPP. Lincoln will issue Shares in the Top-Up Placement utilising its available capacity under ASX Listing Rules 7.1 (currently being 255,606,787 Shares) and 7.1A (currently being 170,404,525 Shares). Canaccord will act as Lead Manager to any Top-Up Placement.

Lincoln will use funds raised under the Offer to:

  • Progress Kookaburra Gully Graphite Project pre-feasibility study and related project workstreams,
  • Undertake graphite product related test work and end product analysis,
  • Develop relationships with potential graphite end users and/or strategic partners,
  • Develop graphite, magnetite and uranium project strategic funding and/or partnering discussions,
  • Engage with Government and Community stakeholders on Kookaburra Gully Project development.

Full details of the SPP will be contained in an offer document which is scheduled to be dispatched to Eligible Shareholders on or around Friday 3 May 2024. The Options offered under the Offer are subject to Shareholder approval and will be offered under a prospectus to be lodged shortly by the Company. A notice of meeting to approve the issue of the Options will be circulated in due course.

An indicative timetable for the SPP is set out below. Directors reserve the right to vary the dates and times without notice.

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