PERTH (miningweekly.com) – ASX-listed Latin Resources has completed a A$35-million capital raise, cornerstoned by Canadian investor Electrification and Decarbonization AIE LP Fund.
The company earlier this month announced plans to place 253.6-million shares, at a price of 16c each under its existing placement capacity. One new option would also be attached to every two shares, with an exercise price of 22c each, and a five-year expiry date.
The funds raised in the placement will allow Latin Resources to accelerate work at its lithium project in Brazil, including a resource definition programme at the Bananal Valley prospect.
“The company can now move forward confidently with major funding now in place. We have much work ahead of us, however the level of attention we are receiving from industry players suggests we are not alone in thinking that Latin has a chance to develop a highly valuable lithium project in Brazil,” said MD Chris Gale on Wednesday.