Lycaon Resources secures $2.5 million placement

Lycaon Resources Ltd (ASX: $LYN) has successfully secured firm commitments to raise $2.5 million through a placement with strong demand from new and existing investors. The funds raised will underpin exploration work programs at the West Arunta Stansmore Niobium-REE Project, with drilling targeted for mid-year.

Executive Commentary

We are extremely pleased with the strong support received from new and existing investors under this successful, oversubscribed capital raising. We are looking forward to an exciting few months ahead as we get our exploration work programs underway, targeting drilling mid-year.

Summary

Lycaon Resources Ltd (ASX: $LYN) has secured firm commitments to raise $2.5 million through a placement, with strong demand from new and existing investors. The funds raised will be used to advance planned exploration programs at the Company's 100% owned Stansmore Niobium-REE Project, located in the West Arunta region of Western Australia. The placement represents a 15.15% discount to Lycaon's last closing price before the release of this announcement and a 5.18% discount to the 5-day VWAP. The funds will also be utilized for general working capital purposes. The Company is well positioned to progress its exploration work programs and is optimistic about the upcoming months as it targets drilling mid-year.