Latin Explore Announces Private Placement for Gross Proceeds up to $2.0 Million

Latin Explore Inc. announced a non-brokered private placement of up to 10,000,000 units at $0.20 per unit, raising up to $2.0 million in gross proceeds. Each unit consists of one common share and one-half of a common share purchase warrant. The warrants are exercisable at $0.30 per share for 24 months from closing.

Proceeds are designated for exploration, generative work, and general working capital, specifically funding the upcoming Phase 1 drill program at the Para project. The company may pay finder's fees of up to 7% in cash and up to 7% in finder's warrants, which are exercisable at $0.30 for 12 months. Securities carry a statutory hold period of four months and one day in Canada. The transaction is subject to TSX Venture Exchange acceptance and regulatory approvals.

A correction was issued regarding a June 29, 2026 stock option grant, clarifying that 100,000 options were granted solely to a consultant.

Latin Explore Inc. (LXE) announced a financing initiative that serves as a direct follow-up to its September 16, 2026 announcement, which defined the Para drill target and secured the environmental permit (FTA). The capital raise was fully expected to fund the company’s maiden drill program.

The subscription price was set at $0.20, sitting at the lower end of the recent trading range of $0.21–$0.25, indicating a modest discount to the market to attract capital. The issuance adds 10 million new shares and 5 million warrants to the capital structure, increasing fully diluted shares by approximately 24%. This dilution is considered material but standard for early-stage explorers.

The financing raises the cash position from approximately $1.9 million to approximately $3.9 million, providing a clear runway to execute the approximately 2,000-meter Phase 1 program and cover working capital through early 2027. No new strategic investors or game-changing catalysts are introduced with this transaction. The news simply bridges the gap between permit approval and drill execution.

Latin Explore Inc. is a Canadian exploration company focused on advancing copper-molybdenum targets in South America. Its flagship asset is the Para Project, located in the Coastal Copper Belt of Peru. The company holds 100% ownership of the ~2,200-hectare property, which features a 1.8 km x 1.6 km porphyry Cu-Mo target defined by reprocessed historical geophysical data, including IP, magnetic, and radiometric surveys from Vale. Surface geochemistry has identified copper values up to 1.7% across 389 rock chip samples.

The project has never been drilled. A Phase 1 program is planned to test the core of the chargeability and magnetic anomalies with approximately 2,000 meters across three holes. The company also holds the Auquis Project, a 4,600-hectare pipeline asset featuring porphyry Cu-Mo and polymetallic skarn targets, which is currently undrilled. Management is led by Dr. Donovan Pienaar, who brings a background from Silvercorp Metals, AngloGold Ashanti, and Harmony Gold.