logo-loader

Latin Resources completes share placement

Last updated: 13:30 26 Mar 2015 GMT, First published: 14:30 26 Mar 2015 GMT

australiancash350_5513330dc262f

Latin Resources (ASX:LRS) has completed its placement priced at $0.01 each to raise $285,000 to progress its projects in South America and for working capital purposes.

The company received applications from sophisticated and professional investors for a total of 28,500,000 shares under the placement.

It will also issue one option free attaching option exercisable at $0.02 on or before 9th March 2017 for every two shares issued subject to shareholder approval in April or early May 2015.

Earlier this month, Latin’s Peruvian Latin Resources S.A.C. (PLR) signed a memorandum of understanding with Minera Antares Perú S.A.C. (Antares), the Peruvian subsidiary of First Quantum Minerals (TSE:FM) which has a Market Cap. of US$7.1 billion.

Under the agreement, the two companies will collaborate together exclusively for 12 months to discover mineral deposits worthy of further exploration and development within 65,730 hectares of PLR’s 100% owned mining concessions in Southern Peru.

This will focus on targets prospective for significant porphyry copper and IOCG deposits.

The identification of “Target Properties” within the overall concession package will be further explored and developed through the execution of additional agreements to be negotiated.

Antares will have exclusive rights to negotiate over any declared target properties for 6 months after these are identified.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Latin Resources Ltd gearing up to start drilling 'within weeks' at Catamarca

Latin Resources Ltd (ASX:LRS) Managing Director Chris Gale speaks to Proactive at Mines and Money 2016 and updates investors on their lithium projects in Argentina. The company's been granted its final two tenements totalling 7,050 hectares, which expand the now 76,700 hectare Catamarca...

on 29/11/16