Lynas Corporation Limited (ASX:LYC) has struck a deal to renegotiate a $US225 million loan with two Japanese groups.
The rare earths producer says the rearrangement will enable it to take the final steps to fully commercialising a sustainable integrated supply chain from mine to customer.
Under the revised terms Lynas will continue to supply rare earths to Japan, make loan repayments through to June 2016 and has also agreed to complete an equity raising.
The equity raising will be underwritten by investors specialising in the energy and industrial sectors and more details are expected to be released shortly.
Shares in Lynas Corporation last traded at $0.115 before entering into a trading halt prior to the announcement being released.
Lynas Corporation widened its net loss to $59.3 million in the first half of the 2014 financial year.
