Lanthanein Resources (ASX:LNR) reports the conditions relating to the 100% sale of its subsidiary Frontier Copper PNG, the holder of the Tolukuma exploration licence EL2531, have been met by Tolu Minerals (ASX:TOK).
Newly listed Tolu Minerals has paid $2 million comprising $500,000 equivalent cash and $1.5 million by way of issue of 3 million fully paid ordinary shares in Tolu escrowed for 12 months.
The directors of Tolu Minerals on 10 November announced the closing of the offer and the admission of Tolu to the official list of the ASX on 9 November 2023.
Tolu raised just over $17.335 million and has issued more than 34.671 million new shares on its IPO.
The strategic objectives of Tolu remain, as previously stated, to accelerate the exploration of the Tolu projects being Tolukuma gold mine, the broader Tolukuma regional exploration and Mt Penck.
Lanthanein Resources is a mineral exploration company with a focus on the discovery of critical minerals of rare earth elements (REEs) in tier-one mining jurisdictions of Western Australia and South Australia.
These minerals are vital to the future decarbonisation of the global economy as they enable new sustainable technologies. The company is planning high impact exploration programs across the portfolio of REE projects for 2022 as it enters the early discovery phase.
Write to Adam Orlando at Mining.com.au
Images: Lanthanein
