Latin Resources announced AU$35 million capital raising to expedite lithium business

Latin Resources Limited (ASX: LRS) announced that it reached firm commitments from institutional and sophisticated investors to subscribe for a placement of new ordinary shares at AU$0.16 per share to raise AU$35 million.

The demand for placement was strong and is supported by Canadian cornerstone investor, Electrification and Decarbonization AIE LP Fund, with a lead order of AU$15 million.

The proceeds from this placement would be used towards:

• An aggressive resource definition program for the Bananal Valley prospect within the Salinas Lithium Project.
• Exploration drilling at the Monte Alto and Salinas South lithium prospects in Brazil.
• A Pre-Feasibility Study, a Direct Shipping Ore Study, and metallurgical test work regarding the Cloud Nine Halloysite-Kaolin Deposit in WA and regional exploration at the broader Noombenberry Project area.
• Initial exploration drilling at the MT-03 Copper Project in Peru,
• Working capital.

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