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Oceana Lithium Ltd. ( (AU:OCN) ) has issued an update.
Oceana Metals has announced a transformative deal to acquire 100% of Songeo Mineração, which owns the Serra Negra rare earths project in Minas Gerais, Brazil. The Serra Negra asset is a carbonatite-hosted rare earths project in a tier-one mining district, positioning Oceana to expand its footprint in critical minerals.
To fund the acquisition and accelerate development, the company plans to raise about $20 million via a two-tranche institutional placement of new shares, with the second tranche subject to shareholder approval. The capital raising, led by Canaccord Genuity with Euroz Hartleys as co-manager, is expected to strengthen Oceana’s balance sheet and support its strategy of building a globally significant rare earths portfolio.
More about Oceana Lithium Ltd.
Oceana Metals Ltd. is an ASX-listed resources company focused on mineral exploration and development, with a growing emphasis on rare earths. The company targets strategically located projects with potential for large-scale deposits, aiming to supply critical minerals to global markets from tier-one mining jurisdictions such as Brazil.
Average Trading Volume: 533,774
Technical Sentiment Signal: Buy
Current Market Cap: A$72.43M
For an in-depth examination of OCN stock, go to TipRanks’ Overview page.