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Latin Resources extends closing date for share purchase plan by one week

The company is seeking to raise $1 million from shareholders via a share purchase plan.

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The mineral exploration company has a portfolio of projects in South America

Latin Resources Ltd (ASX:LRS) has extended the close date for its share purchase plan (SPP) by one week to Thursday February 28, 2019.

The company will receive applications from shareholders and the extension will ensure all eligible shareholders have ample time to submit their applications. 

Under the SPP, Latin is offering its shareholders the opportunity to subscribe for up to $15,000 in fully paid ordinary shares per eligible shareholder at an issue price of $0.002 per share without incurring brokerage or transaction costs.

READ: Latin Resources signs community agreement for Argentinian lithium development

The offer price represents a 16% discount to the volume weighted average price of the company’s shares over the 5 trading days prior to the announcement of the SPP on January 31, 2019.

The company is trying to raise up to $1 million from the SPP subject to any discretionary scale-back.

Directors may able decide to increase acceptances in the vent of oversubscriptions, subject to any limitations under the ASX listing rules.

READ: Latin Resources advances battery metals portfolio in Argentina

Latin Resources is advancing lithium opportunities in the San Luis region of Argentina, explorating at Catamarca and finishing testing of its spodumene-to-lithium-carbonate process.

The company's three Argentinian projects, Catamarca and San Luis focused on lithium and La Rioja focused on cobalt, are all 100%-owned and comprise nearly 250,000 hectares of ground. 

- Jessica Cummins

Quick facts: Latin Resources Ltd

Price: 0.009 AUD

ASX:LRS
Market: ASX
Market Cap: $1.4 m
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