PERTH (miningweekly.com) – ASX-listed Latin Resources was hoping to raise as much as A$2-million in a share purchase plan (SPP) to fund drilling and testwork at its Ilo Este and Guadalupito iron projects, in Peru.
Under the SPP, shareholders could purchase between A$500 and A$15 000 of additional shares, at a price of 3.8c each.
The offer price represented a 10% discount to the market price of Latin Resources' shares on May 20, and a 25% discount to the volume-weighted average price of the company’s shares over the last 15 days.
The company’s share prices fell by nearly 5% on Wednesday, to trade at a low of 4c a share, down from the 4.2c a share opening price.