RMB invests A$2 million; proceeds fund exploration at Guadalupito, Ilo
By Devika Patel
Knoxville, Tenn., May 27 - Latin Resources Ltd. said it received firm commitments for a A$4 million private placement of stock.
The company will sell 15,384,618 shares at A$0.26 per share, a 13.33% discount to A$0.30, the closing share price on May 26. RMB Resources Ltd. will buy 7,692,308 shares for A$2 million. Cape Lambert Resources Ltd. will also participate.
The company said it also plans a A$7.68 million share purchase plan at the same price as the placement.
Proceeds will be used for exploration at Guadalupito and Ilo in Peru. Proceeds also will be used for a scoping study at Guadalupito and working capital.
Based in Perth, Australia, Latin Resources explores for iron and gold.
| Issuer: | Latin Resources Ltd.
|
| Issue: | Shares
|
| Amount: | A$4 million
|
| Shares: | 15,384,618
|
| Price: | A$0.26
|
| Warrants: | No
|
| Investors: | RMB Resources Ltd. (for A$2 million), Cape Lambert Resources Ltd.
|
| Pricing date: | May 27
|
| Stock symbol: | Australia: LRS
|
| Stock price: | A$0.30 at close May 27
|
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