Gold Mountain Limited raises $3m; Latin Resources Shareholder Joins Share Register

Gold Mountain Limited (ASX:GMN) has raised $3 million through a placement of 810.8 million new shares at an issue price of 0.37¢ per new share.

The placement was well supported by new and existing sophisticated and professional investors.

Latin Resources major shareholder 

Of note, the founder of Integra Capital and major shareholder of Latin Resources Limited (ASX: LRS) Jose Louis Manzano has acquired 7.3% of GMN.

He will be offered a position on the Board of Directors.

Proceeds

The net proceeds of the Placement will be utilised towards accelerating exploration at Gold Mountain’s well positioned rare earth projects in Brazil, and for general working capital.

Commenting on the Placement, Gold Mountain Executive Director David Evans said:

“We are very pleased with the strong support for the placement from new and existing investors.

We look forward to advancing exploration at our rare earths tenements in Eastern Bahia, Brazil.

We view these tenements as highly prospective given they are adjacent to the exciting discovery made by Brazilian Rare Earths (ASX: BRE).”

The first laboratory results will be available in late May with RC or Sonic drilling planned for Q3 and Q4 2024.

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