The company has also made an interim issue of 12 million shares from the placement.
Shares in LRS last traded at $0.012.
The placement includes the issue of one free attaching option exercisable at $0.02 on or before 9 March 2017 for every two shares issued. This will require shareholder approval at a general meeting planned on or before 30 April 2015.
Earlier this week, Latin's Peruvian Latin Resources S.A.C. (PLR) signed a memorandum of understanding with Minera Antares Perú S.A.C. (Antares), the Peruvian subsidiary of First Quantum Minerals (TSE:FM) which has a Market Cap. of US$8 billion.
Under the agreement, the two companies will collaborate together exclusively for 12 months to discover mineral deposits worthy of further exploration and development within 65,730 hectares of PLR's 100% owned mining concessions in Southern Peru.
This will focus on targets prospective for significant porphyry copper and IOCG deposits.
The identification of "Target Properties" within the overall concession package will be further explored and developed through the execution of additional agreements to be negotiated.
Antares will have exclusive rights to negotiate over any declared target properties for 6 months after these are identified.
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