Happy with 10.5c as the raise price, i've been buying at that levels on market anyway so it's nice to see no substantial discount
Printable View
Happy with 10.5c as the raise price, i've been buying at that levels on market anyway so it's nice to see no substantial discount
Yes I added to LRS a week or so ago at 10-10.5 and really don’t see them hanging around this price range for long, personally think double later on in the year.
LATIN RESOURCES RECEIVES FIRM COMMITMENTS FOR A A$37.1
MILLION PLACEMENT TO ACCELERATE RESOURCE GROWTH AND
FAST TRACK DEVELOPMENT APPROVALS
HIGHLIGHTS
• Latin has received firm commitments to raise A$37.1 million through an institutional two-tranche
placement priced at A$0.105 per share.
• Placement funds will primarily be used to accelerate exploration activity and development
approvals at the Company’s flagship 100% owned Salinas Lithium Project in Brazil.
• The Placement was well supported by a number of specialist, North American battery metals
funds; Integra Lithium, the Company’s largest shareholder and two Brazilian institutional funds.
• Upon settlement of the Placement, Latin will have a cash balance of approximately A$57 million
(before costs).
Latin Resources Limited (ASX: LRS) (“Latin” or the “Company”) is pleased to announce that it has received
firm commitments to raise A$37.1 million through a two-tranche placement of new fully paid ordinary shares
(“New Shares”) to institutional, sophisticated and professional investors (“Placement”). Latin is particularly
pleased to welcome several new funds to the register, including specialist North American battery metals
funds, a well-regarded domestic institution and two major Brazilian funds. Latin’s largest shareholder, Integra
Lithium, also participated in the Placement. The Brazilian funds that have taken a shareholding in Latin
Resources are BTG Pactual, Brazil’s largest investment bank and JPG one of Brazil’s largest asset and wealth
management institutions.
The Placement provides the Company with a significant capital injection to expand and accelerate its
exploration program at the Salinas Lithium Project in Brazil, in addition to funding the Definitive Feasibility
Study (“DFS”); fast-tracking environmental studies; securing development license approvals; and further
exploration work on recently acquired tenure to the north of the Colina Deposit.
Latin’s Managing Director, Chris Gale, commented:
“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. The Placement
providessignificant validation of Latin’s portfolio of assets and the Company’s ongoing resource expansion drill
program, feasibility studies and development approvals for Salinas.
The market seems to like this with the SP slightly up at present with buyers sitting above the placement of 10.5c. - in my experience you don't often you see that straight after a cap raise. A very good placement with minor disruption , very hard for us shareholders not to be happy - well done LRS management!
Of course some dilution but it sounds like they and their investors are pretty confident of success so raise the $$ and get into it the sooner the better!
Many thanks JB!! About 40 percent up on this since you first mentioned it. Today was a monster day!!!
Indeed JB great tip to look at this one!!