Latin Resources (ASX:LRS) is raising up to $280,000 through a share placement to progress its projects in South America.
The placement involves the issue of shares priced at $0.01 each and includes one free attaching option exercisable at $0.02 on or before 9 March 2017 for every two shares issued.
Shares in Latin last traded at $0.011.
The issue of the options will require shareholder approval at a general meeting planned on or before 30 April 2015.
Earlier this month, the company was returned full control of the Ilo Norte Copper-Gold Project in Peru and is now seeking an alternative partner.
Compañia Minera Zahena S.A.C.’s (Zahena) exploration activities at Ilo Norte brought US$200,000 in cash payments to Latin's Peruvian subsidiary.
It drilled 16 holes totalling 12,657.9 metres of diamond core, representing an estimated investment of more than US$3 million in the project.
Of these, 14 holes had several copper intersections, demonstrating the extent of the mineralised system.
Exploration to date indicates good potential for a moderate tonnage high grade copper-gold deposit at Ilo Norte, which benefits from proximity to infrastructure and favourable topography.
In February, Zahena entered into a new earn-in option agreement over the company's wholly-owned Ilo Est project.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.