Latin Resources to raise $35m

Lithium hopeful Latin Resources has received firm commitments to raise $35 million through an institutional placement to bolster its exploration efforts in Brazil.

The West Leederville-based company told the ASX it planned to use the capital to expand and accelerate its exploration program at its Brazil-located Salinas lithium asset.

The minerals explorer will issue about 140 million new shares at 25 cents per share to raise about $35 million to fund an expanded drilling program among other targets.

Latin managing director Chris Gale said the new funds would enable the company to continue to grow its Salinas resource to become a Tier one lithium project.

“We look forward to releasing to the market the definitive feasibility study in the first half of 2024, with the final investment decision to be announced in the fourth quarter of 2024,” he said.

At market close, Latin’s shares were trading down 5.66 per cent to 25 cents.