Latin Resources

$2.5 Million Option Funding Agreement To Advance Lithium Projects In Brazil

Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is pleased to announce that it has executed an Option Funding Agreement (“OFA”) to receive funding of $2,500,000 (face value $2,750,000) from Lind Asset Management XII, LLC, an entity managed by New York based The Lind Partners, LLC (together “Lind”).

HIGHLIGHTS

  • $2.5 million option funding agreement signed utilising “in the money” LRSOC options.
  • If all LRSOC options are exercised, they would generate up to $5.1 million in option exercise proceeds for the company.
  • Latin will repay the funding progressively with proceeds from LRSOC options as they are exercised, or earlier, at Latin’selection.
  • Funds will be used to accelerate activity on Latin’s lithium projects in Brazil, and for general corporate and working capital purposes.

The funding provides a source of capital to enable the Company to fund its program of project development and exploration of its exciting portfolio of lithium projects in Brazil, whilst avoiding a dilutive equity capital raising.

Managing Director Chris Gale commented:

Thisinnovativefundingfacilityprovidedbyourfundingpartner,Lind,providestheCompanynecessary working capital to continue to drill the newly discovered spodumene pegmatites in our Brazilian portfolio without the need for an equity placement, reducing dilution for existing shareholders. We expected we can add a lot of value, very quickly in Brazil with thesefunds.

“TheCompanyhasgoodreasontoexpectover$5mcashwillbereceivedfromtheexerciseofitsLRSOC options, and this funding, backed by the option money, now fast tracks our drilling program. This funding provides a cost-effective source of capital for theCompany.”

Click here for the full ASX Release

This article includes content from Latin Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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