The Directors of Laneway Resources Limited (Laneway or Company) (ASX: LNY) are pleased to announce that Laneway has successfully completed the Retail component of its 1 for 3 fully underwritten pro rata accelerated non-renounceable entitlement offer.

Highlights

Retail component of Entitlement Offer successfully completed, raising approximately $2.4 million.

Together with the previously completed accelerated Institutional component, Laneway has received total subscriptions in the Entitlement Offer of $6.8 million from existing shareholders representing almost 86% of the total Entitlement Offer raising amount.

The shortfall amount of approximately $1.1 million is fully underwritten by Bizzell Capital Partners Pty Ltd, an entity associated with Laneway Chairman Stephen Bizzell.

Laneway Directors and their associated entities subscribed for entitlements worth approximately $2.5 million in aggregate.

The Entitlement Offer represents the second stage of Laneway's A$11 million (before costs) equity capital raising program announced on 4 January 2022

The capital raising program consisted of: A placement that raised approximately $3.1 million in total before costs (Placement) and A fully underwritten, accelerated, non-renounceable, pro rata entitlement offer to all existing shareholders on a 1 for 3 entitlement basis to raise approximately $7.9m in total before costs (Entitlement Offer).

The Retail component of the Entitlement Offer closed on 6 April 2022 and was priced on the same terms as the Placement and accelerated Institutional component and was an offer of new fully paid ordinary shares in Laneway (New Shares) on a 1 for 3 basis at an issue price of A$0.005 per New Share (Offer Price) plus 1 attaching option exercisable at 0.8 cents and expiring 30 September 2022 (New Option) for every 2 New Shares subscribed for. The New Options have been admitted for quotation under the ASX code LNYOA

Commenting on the success of the Entitlement Offer, Laneway's Managing Director, Mr Brad Gordon said: 'We are extremely pleased with the high level of participation by our shareholders in this capital raising. The successful completion of this raising positions the Company well as it pursues its regional gold production growth strategy in the Savannah region of North Queensland. The Company will be leveraging the existing production infrastructure of the Georgetown Project, its significant existing gold resource base and the substantial exploration potential of our tenement portfolio to underpin a long term gold production growth profile and to create substantial shareholder value for Laneway shareholders'.

Contact:

Stephen Bizzell

Tel: (07) 3108 3500

Email: admin@lanewayresources.com.au

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States and may not be distributed or released in the United States or any jurisdiction in which, or to any person to whom, such an offer would be illegal. New shares and new options allotted under the Retail Entitlement Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (U.S. Securities Act), or under the securities laws of any state or other jurisdiction of the United States. Accordingly, the new shares and new options may not be offered or sold, directly or indirectly, in the United States except in compliance with the registration requirements of the U.S. Securities Act and any other applicable securities laws of any state or other jurisdiction of the United States (which Laneway has no obligation or intention to do or procure) or pursuant to an exemption from, or in a transaction exempt from or not subject to, such registration requirements and any other applicable securities laws. There will be no public offer of securities (including the new shares or new options) in the United States.

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