Latin Resources Limited (ASX: LRS) has advised that it has settled a placement with a strategic Asian resources fund for USD$765,000 (AUD$1,000,000), and has issued 125,000,000 shares at an issue price of A$0.008 per share. In addition, the Company will issue a one for two free attaching listed option (exercisable at $0.01 on or before 12 October 2019) as part of the Placement, subject to shareholder approval.
The Company received shareholder approval to issue up to 300,000,000 fully paid ordinary shares at a general meeting held 4th October 2017. The issue of the Placement shares will be deducted from this amount.
The funds raised from the Placement will be used to further exploration work on the lithium targets identified in Argentina, maintain the Peruvian mineral properties in good standing and for working capital.
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