Working with Canaccord Genuity, PAC Partners and Bell Potter Securities, it has secured commitments for A$37.1 million at 10.5c per share, just a 1.8% discount to recent trading.

 

The placement was supported by specialist North American battery metals funds, two major Brazilian institutional funds, and Latin's largest shareholder, Integra Lithium.

 

Managing director Chris Gale said the cash would back ongoing exploration plans in its expanded position around the Colina deposit, and to help fast-track environmental studies development license approvals as it seeks to wrap up a definitive feasibility study. 

 

An update to the existing 13.3 million tonnes grading 1.2% lithium resource is planned before mid-year.

 

There is also an exploration target of 13.5-22Mt at 1.2-1.5% in place.

 

Latin is about halfway through a 65,000m resource drill-out and has doubled its rig fleet to eight.

 

The Colina pegmatite swarm has defined high-grade mineralisation to 400m depth, along a 1km-long strike. The swarm remains open in all directions.

 

Recent work suggests the Colina and Colina West systems are converging.

 

Colina was only discovered about one year ago.

 

Latin sees similarities with NASDAQ-listed Sigma Lithium's Grota de Cirilo project that is 75km to the north in Minas Gerais, and is set to become Brazil's first significant lithium producer.

 

Latin's stock has traded at A6-20.5c over the past year, and its shares were last traded at 11c, capitalising the explorer at $242 million.