LRS Latin Res

TIDMLRS

RNS Number : 6514L

Latin Resources Limited

14 August 2013

13 August 2013

Company Announcements Office

Australian Securities Exchange

Exchange Plaza

2 The Esplanade

PERTH WA 6000

Additional disclosure for shares issued under Listing rule 7.1A

Dear Sir/Madam,

In relation to the placement of 11,428,574 shares pursuant to ASX Listing Rule 7.1A ('Placement') that formed part of the Appendix 3B announcement made on 7 August 2013 the following information is provided:

Details of the dilution to existing holders of ordinary securities caused by the issue

The dilutive effect of the Placement on existing shareholders is 5.07%.

Percentage of the post-placement issued capital held:

 
 Shareholder category            Holding pre-placement   Holding post-placement 
------------------------------  ----------------------  ----------------------- 
 Pre-placement security 
  holders who did not 
  participate in the 
  placement.                            93.88%                   89.13% 
------------------------------  ----------------------  ----------------------- 
 Pre-placement security 
  holders who did participate 
  in the placement.                      6.12%                   9.58% 
------------------------------  ----------------------  ----------------------- 
 Participants in the 
  placement who were 
  not previously security 
  holders                                 Nil                    1.29% 
------------------------------  ----------------------  ----------------------- 
 Total                                   100%                     100% 
------------------------------  ----------------------  ----------------------- 
 

Reason for issue of shares as a placement under rule 7.1A

The Company issued the shares as a placement to sophisticated and professional investors under LR 7.1A as this was considered to be a more efficient mechanism than an entitlements issue. The decision was made after taking into account the lower than expected participation in the Company's recent Option entitlement issue and the Placement minimised the Company's exposure to market volatility that can occur with a protracted process like an entitlement issue.

Details of any underwriting arrangements

The placement was not underwritten.

Any other fees or costs incurred in connection with the issue

Fees totalling 10% of the placement proceeds was paid to brokers.

Appendix 3B Amendment

As stated previously the Appendix 3B for the Placement was announced to the market on 7 August 2013. In the Appendix 3B the Company should have disclosed in Part 1 (6)(d) that the number of securities issued with shareholder approval under rule 7.1A was 11,428,574.

Yours faithfully

Anthony Begovich

Company Secretary

This information is provided by RNS

The company news service from the London Stock Exchange

END

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