Latin Resources Limited (ASX: LRS) has settled a placement with a strategic Asian resources fund for A$1 million and has issued 125,000,000 shares at an issue price of A$0.008 per share.
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.
Latin also reported that preliminary discussions with a number of parties to enter into a potential joint venture and offtake arrangement are continuing.
Latin Resources Limited is an Australian-based mineral exploration company focused on creating shareholder wealth through the identification and definition of mineral resources in Latin America.
The Company has secured over 101,450 hectares of exploration concessions in the lithium pegmatite districts of Catamarca and San Luis Provinces, Argentina.
The company also has a portfolio of projects in Peru and is actively progressing its Iron Oxide-Copper-Gold and Copper Porphyry projects in the Ilo region with its joint venture partner First Quantum Minerals Ltd.