ASX-listed emerging lithium company Latin Resources is raising A$35 million (US$22.10 million) from institutional investors to upscale work programs including drilling at its Salinas project in Brazil.
The new funding is being priced at 25c per new share and comes around six months since Latin's last raising of $37 million in April when new shares were priced at 10.5c each.
The new funding will take Latin's cash to about A$65 million.
The Chris Gale-led Latin plans to complete a definitive feasibility study at Salinas in the first half of 2024.
Recent scoping work outlined a staged development with initial capex of US$253 million.
The Colina deposit at Salinas currently contains 45.2Mt at 1.32% lithium oxide.
Shares in Latin were at 25.5c in morning trade, capitalising the company at A$671 million.
