END of last month LRS 9.4c close
LRS Trading Halt ....sound like major 30mill Capital raising @ 16c ...
The term sheet sent to potential investors said Latin Resources had already secured a cornerstone investor. Canadian fund manager Waratah Capital Advisors would take up $15 million of the placement, via its subsidiary Electrification and Decarbonization AIE LP.
Latin Resources has lithium prospects in Brazil, kaolin-halloysite in Western Australia and a copper project in Peru.
The offer was priced at 16˘ a share, a 13.5 per cent discount to the last traded price and 16.8 per cent discount to the five-day volume weighted average price. It included one-for-two free attaching option with a 22˘ strike price and five-year expiry.
Euroz Hartleys and PAC Partners were the joint lead managers. Jett Capital Advisors was the co-manager and lead arranger in North America.
Bids were due 3pm Tuesday.
The company had a $305 million market capitalisation before the raise. Its shares have nearly double this month after it posted drilling results for its Salinas lithium project in Brazil.