Latin Resources (ASX: LRS) has offered a non-renounceable entitlement issue on the basis of 1 option for every five shares at an issue price of $0.01, which would raise $265,000 if all entitlements were taken up by shareholders.
Latin is focused on iron ore and gold exploration, which includes mineral concessions in Peru, with the company holding an option to acquire the Iron Sands project, and the Gold project.
The primary focus of the company's exploration strategy is to identify and acquire early-stage, iron and gold properties, with two main targets.
The first being the southern coastal region of Peru which the company considers to have favourable geology, with many iron occurrences and two world class iron deposits: Marcona (1.4 billion tonnes) and Pampa de Pongo (750 million tonnes).
The second is the Cusco region in the southern cordillera of Peru, in which three large deposits are known; Opaban (269 million tonnes), Cusco (500 million tonnes) and Ccopane (106 million tonnes).
The company is looking for gold primarily in the volcanic belt of the cordillera, a region currently endowed with plus 50 million ounces of oxide, low-cost, gold in reserves and resources and, secondarily, in the eastern margin of the cordillera which has a growing gold endowment of at least 15 million ounces.