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Latin Resources Completes Share Placement

Latin Resources (ASX:LRS) has completed its placement priced at $0.01 each to raise $285,000 to progress its projects in South America and for working capital purposes.

The company received applications from sophisticated and professional investors for a total of 28,500,000 shares under the placement.

It will also issue one option free attaching option exercisable at $0.02 on or before 9th March 2017 for every two shares issued subject to shareholder approval in April or early May 2015.

Earlier this month, Latin's Peruvian Latin Resources S.A.C. (PLR) signed a memorandum of understanding with Minera Antares PerĂº S.A.C. (Antares), the Peruvian subsidiary of First Quantum Minerals (TSE:FM) which has a Market Cap. of US$7.1 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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