TIDMLRS

RNS Number : 6573B

Latin Resources Limited

05 April 2013

5 April 2013

Option Entitlement Issue

Latin Resources Limited (ASX: LRS) ('Latin or the Company') is pleased to announce a non-renounceable entitlement issue of one (1) Option (New Option) for every two (2) Shares held by those Shareholders registered at the Record Date at an issue price of $0.01 per Option ('Offer').

The Offer is expected to raise up to approximately $1,016,197 through the issue of up to 101,619,686 New Options at $0.01 each based on total shares currently on issue of 203,239,373.

Proceeds from the Offer will be used to fund, the costs of the Offer, progress the Company's projects in Peru, in particular the drilling program at Ilo Norte, and working capital.

The Offer will be available to all registered shareholders who hold shares in the Company at the Record Date.

The Company will apply for official quotation of the New Options issued under the Prospectus which will have an exercise price of $0.20 each and a term of 18 months from the issue date.

A proposed timetable for the Offer is set out in the table below:

 
 Lodgement of Prospectus & Appendix 3B with    12 April 2013 
  ASIC and ASX 
 Notice sent to Optionholders                  12 April 2013 
                                              -------------- 
 Notice sent to Shareholders                   16 April 2013 
                                              -------------- 
 'Ex' date                                     17 April 2013 
                                              -------------- 
 Record date for determining entitlement       23 April 2013 
                                              -------------- 
 Prospectus despatched to Shareholders         29 April 2013 
                                              -------------- 
 Closing date for acceptances*                   13 May 2013 
                                              -------------- 
 Securities quoted on a deferred settlement      14 May 2013 
  basis 
                                              -------------- 
 ASX notified of under subscriptions             16 May 2013 
                                              -------------- 
 Despatch of holding statements                  21 May 2013 
                                              -------------- 
 Quotation of Options issued under the Offer     22 May 2013 
                                              --------------

*The Directors may extend the Closing Date by giving at least 6 business days' notice to ASX prior to the Closing Date. As such the date the new securities are expected to commence trading on ASX may vary.

On behalf of the Board

Anthony Begovich

Company Secretary

This information is provided by RNS

The company news service from the London Stock Exchange

END

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