PERTH (miningweekly.com) – ASX-listed Latin Resources will raise A$5-million through a share placement, to fund drilling at its kaolin and gold projects in Western Australia.
The company on Monday announced that it had received firm commitments for the placement of more than 166.6-million shares, at a price of 3c each, with the shares to be placed under the company’s existing placement capacity.
“The interest shown by Euroz Hartle’s clients in the capital raising is a testament to the quality of Latin’s projects that are now drill ready and positioned to move into the next phase of development,’ said executive director Chris Gale.
“The company has an extensive schedule of drilling across multiple targets planned to start in December and continue throughout 2021, starting with the immediate drilling of our very exciting Noombenberry halloysite/kaolin project, in Western Australia, and we’ll then embark upon our maiden gold drilling in the world class gold district of the Lachlan Fold, New South Wales, in the first quarter of 2021.”
Funds will also go towards general working capital purposes.