Australia's Lynas to raise $72 mln in new equity
SYDNEY, Sept 29 (Reuters) - Rare earths company Lynas Corp said on Monday it was seeking to raise A$83 million ($72 million) through a discounted share placement and rights issue to shore up its balance sheet.
Lynas will offer 150 million new shares to new institutional investors and offer existing shareholders a 5-14 renounceable rights offer, both priced at A$0.09 per share.
Lynas shares are on suspension, having last traded at A$0.115. Lynas has been struggling with a heavy debt load, weak demand and problems at its new processing plant in Malaysia. (1 US dollar = 1.1457 Australian dollar) (Reporting by Lincoln Feast; Editing by Michael Perry)