Latin Resources (ASX:LRS) has entered into a funding agreement of up to $3.125 million with The Lind Partners.
The Funding Agreement comprises of two Unsecured Convertible Notes for a maximum term of 36 months that will be available in 2 tranches.
The first tranche (Tranche 1) totalling $1.125 million will be available within ten days of the execution of the Agreement.
The second tranche (Tranche 2) totalling up to $2 million will be available, if certain conditions are met, after 80% of the face value of Tranche 1 has been repaid either by cash or shares.
The proceeds will primarily be used to fund Latin’s strategy of developing its Ilo Copper projects and the Guadalupito Andalusite project.
Each note is repayable by equal monthly payments over an 18-month period from date of drawdown. Each monthly repayment can be made, at Latin’s option, either through cash or shares or a combination of both.
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