Lynas Corporation Limited
(ASX:LYC) is seeking to raise $83 million after widening its net loss over the 2014 financial year.
The rare earths producer has posted an annual net loss of $365.8 million, extending from a loss of $107.4 million the year before.
Over the year the company generated revenue of $64.6 million, rising from $950,000 the year before.
Lynas has also revealed plans to undertake an equity raising through a discounted share placement and rights issue to support its balance sheet.
The news comes amid growing fears for the company’s debt load and just one week after Lynas struck a deal to renegotiate a $US225 million loan with two Japanese groups.
Shares in Lynas Corporation had plunged more than 20 per cent to under $0.09 in morning trade following the announcements.
