Latin Resources sets A$37.1m raising target
PERTH (miningweekly.com) – ASX-listed Latin Resources on Wednesday announced plans to raise A$37.1-million to accelerate exploration work at its Salinas lithium project, and to fund definitive feasibility studies and fast-track environmental studies.
Latin has received firm commitments for the placement of 353.3-million new shares, at an issue price of 10.5c each, representing a 4.5% discount to the company’s last closing price and a 1.8% discount to its five-day volume weighted average share price.
The placement will be undertaken in two tranches, with the first tranche consisting of more than 326.6-million shares, raising an initial A$34.3-million under Latin’s existing placement capacity.
The second tranche of 26.6-million shares, raising a further A$2.8-million, will be subject to shareholder approval at the company’s general meeting scheduled for mid-June.
“We are delighted to announce the completion of the placement which has enabled us to introduce a number of high quality North American, Brazilian and domestic institutions to the company’s register,” said MD Chris Gale.
“The placement provides significant validation of Latin’s portfolio of assets and the company’s ongoing resource expansion drill programme, feasibility studies and development approvals for Salinas.”
The funds will go towards an aggressive resource definition programme to increase the size of the mineral resource at the Colina deposit, and to fund further exploration work on the recently acquired tenure of 29 940 ha north of the Colina deposit.
In addition to funding the definitive feasibility study and fast-tracking environmental studies, Latin is hoping to secure development licence approvals for the Salinas project.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
