ASX-listed Latin Resources has received firm commitment to raise A$35-million, providing the company with a significant capital injection to expand and accelerate its exploration programme at the Salinas lithium project, in Brazil.
The additional capital will also help fund Geotech and hydrogeology works to support Salinas’ definitive feasibility study, which is expected to be announced in the first half of 2024.
The completion of the placement to institutional, sophisticated and professional investors provides Latin with “significant headroom to accelerate drilling efforts into 2024”, said MD Chris Gale on Monday.
Ten drill rigs were currently mobilised.
“The new funds will enable the company to continue to grow the Salinas resource to become a tier-one lithium global project,” added Gale.
Under the placement, the company will issue 140-million new shares at A$0.25 each.