In the dark..., page-7

Graham , Sellin and Steve

I don't think all is bad as it feel with LRS

I as graham knows have been holding for more than 3 years , but it looks like just over  $300,000 of the rights issue shortfall was issued today at 0.008 which should help reduce the LRS debt and provide more working capital to maintain the Peruvian staff and copper joint ventures.  

The 3 months to participate in the rights shortfall closes at the end of October

The text from the prior announcement to today's stated an intention to raise the last of the $729,615 before the end of October 2015 .



Latin Resources Limited (ASX: LRS) (“Latin Resources or the Company”) is pleased to advise it has raised  $1,546,292 from the Shortfall Offer (“Shortfall”) since the last update provided on 28 August 2015.

This brings the total raised from the Entitlement Issue (including the Shortfall) to $2,347,183 or 76% of the total Entitlement Issue Offer which is an outstanding result given the current state of the market.

There is a balance of $729,615 remaining from the Shortfall and the Company is actively pursuing investors to place the balance before the end of October 2015.

Ends .


On this basis of todays share issue it suggests there is still $400,000 left to make the shortfall fully subscribed before the  closing date at the end of this week.  


It seems to me the company has stopped making promises and are just getting on with looking for copper and Gold , might be good if they were after graphite as that seems to be the flavour of the month .

Whilst the price has not risen the cash at bank and balance sheet must be looking better , and the  buyers have been building steadily in the screen ,  with buyers nibbling at the stock since the new director appointment

Volume since that appointment on the 17..9.2015  has been more than  30 million shares or 1.1 m shares per day , and we have seen almost $1m of new capital injected since then.  

The average monthly volume was about 10 million shares prior to September 2015 and this was not enough to see sellers greater then buyers and push the stock lower

I think a lot of hot copper traders were in LRS , and one by one getting out and giving up , yet new buying and new placements are getting done at .8 .

I called the new director last month and feel far more confident in LRS watching the buying seeing the placements and understanding the strategy now to get rid of the debt , find JV partners and get one of their projects in to production.