Lara Exploration Completes Brokered Offering and Non-Brokered Offering for Aggregate Proceeds of C$33,750,000
Lara Exploration Completes Brokered Offering
and Non-Brokered Offering for Aggregate
Proceeds of C$33,750,000
Vancouver, British Columbia--(Newsfile Corp. - April 1, 2026) - Lara Exploration Ltd. (TSXV: LRA) (OTC
Pink: LRAXF), ("
Lara
" or the "
Company
")
announces that it has completed its previously announced
"best efforts" private placement (the "
Brokered
Offering
") and its concurrent non-brokered private
placement (the "
Non-Brokered Offering
", and collectively with the "
Brokered Offering
", the
"
Offering
"), for aggregate proceeds to the Company of C$33,750,000 through the issuance of
11,250,000 common shares of the Company (the "
Common Shares
") at a price of C$3.00 per
Common Share (the "
Issue Price
").
Under the Brokered Offering, the Company issued an aggregate of 6,750,000 Common Shares at the
Issue Price for aggregate gross proceeds of C$20,250,000. As part of the Brokered Offering, the
Company issued an aggregate of 4,500,000 Common Shares for aggregate gross proceeds of
C$13,500,000 (representing approximately 7.3% of Lara's issued and outstanding Common Shares
immediately following the completion of the Offering), to Atalaya Mining Copper S.A. (LSE: ATYM), a
European copper producer that owns and operates the Proyecto Riotinto complex in southwest Spain
and a FTSE 250 Index constituent. The Brokered Offering was completed pursuant to an agency
agreement dated April 1, 2026 among the Company and SCP Resource Finance LP, as lead agent and
sole bookrunner, and Stifel Nicolaus Canada Inc. (collectively, the "
Agents
"). In consideration for their
services, the Agents received a cash commission of C$285,300 and a corporate finance fee of
C$891,405 (inclusive of HST).
Under the Non-Brokered Offering, the Company issued an aggregate of 4,500,000 Common Shares at
the Issue Price for aggregate gross proceeds of C$13,500,000.
The Company plans to use the net proceeds of the Offering to advance its Planalto Copper-Gold Project,
as well as for general corporate and working capital purposes.
All securities issued in connection with the Offering are subject to a hold period expiring on August 2,
2026 under applicable Canadian securities laws. The Offering remains subject to final acceptance of the
TSX Venture Exchange.
Certain insiders of the Company (collectively, the "
Related Parties
) participated in and subscribed for
an aggregate of 515,000 Common Shares under the Brokered Offering. As a result, the Brokered
Offering constituted a "related party transaction" within the meaning of Policy 5.9 of the TSX Venture
Exchange and Multilateral Instrument 61- 101 -
Protection of Minority Security Holders in Special
Transactions
("
MI 61-101
"). The Company relied on the exemptions under sections 5.5(a)and 5.7(1)(a)
of MI 61-101 in respect of the formal valuation and minority shareholder approval requirements in
respect of the Related Parties' participation in the Brokered Offering under MI 61-101, on the basis that,
as at the closing of the Brokered Offering, neither the fair market value of the Common Shares issued in
connection with the Brokered Offering, nor the fair market value of the consideration received by the
Company therefor, insofar as it involved the Related Parties, exceeded 25% of the Company's market
capitalization. The Company did not file a material change report more than 21 days before the closing
of the Brokered Offering as details of the Related Parties' participation in the Brokered Offering had not
been settled and the Company wished to complete the Brokered Offering in an expeditious manner.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be
any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be
unlawful, including the United States of America. The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended (the "
U.S. Securities Act
") or the
securities laws of any state of the United States and may not be offered or sold within the United States
or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the U.S. Securities
Act) unless registered under the U.S. Securities Act and the securities laws of any applicable state of the
United States, or an exemption from the registration requirements thereof is available.
About Lara Exploration:
Lara is an exploration company, focused on advancing its 100%-owned Planalto Copper-Gold Project in
the Carajás mining province in northern Brazil.
The Company currently also holds a diverse portfolio of prospects, deposits and royalties in Brazil, Peru
and Chile. Lara's common shares trade on the TSX Venture Exchange under the symbol "LRA".
For further information on Lara Exploration Ltd. please consult our website
www.laraexploration.com
, or
contact Chris MacIntyre, VP Corporate Development, at +1 416 703 0010.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian
securities legislation based on expectations, estimates and projections as at the date of this news
release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections,
objectives, assumptions, future events or performance are not statements of historical fact and constitute
forward-looking information and can be identified by the use of words such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the
negative connotation thereof or variations of such words and phrases or state that certain actions, events
or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative
connotation thereof. This news release contains forward-looking information, including statements
relating to the Brokered and Non-Brokered Offering, including statements in respect of the intended use
of proceeds, and the receipt of all necessary regulatory approvals, including approval of the TSX Venture
Exchange.
Forward-looking information is not a guarantee of future performance and is based upon a number of
estimates and assumptions of management, in light of management's experience and perception of
trends, current conditions and expected developments, as well as other factors that management
believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions
about: favourable equity and debt capital markets; the ability and timing of funding to advance the
development of the Planalto Project and pursue planned exploration and development; future spot prices
of copper, gold and other minerals; the timing and results of exploration and drilling programs; the
accuracy of mineral resource estimates; production costs; political and regulatory stability; the receipt of
governmental and third party approvals; licenses and permits being received on favourable terms;
sustained labour stability; stability in financial and capital markets; availability of mining equipment and
positive relations with local communities and groups. Forward-looking information involves risks,
uncertainties and other factors that could cause actual events, results, performance, prospects and
opportunities to differ materially from those expressed or implied by such forward-looking information.
Factors that could cause actual results to differ materially from such forward-looking information include
changes in the Company's share price, future prices and the supply of metals, the future demand for
metals, negative operating cash flow and dependence on third party financing; uncertainty of additional
financing; reliance on key management and other personnel; actual results of exploration activities being
different than anticipated; changes in exploration programs based upon results; availability of third party
contractors; availability of equipment and supplies; failure of equipment to operate as anticipated;
accidents; effects of weather and other natural phenomena and other risks associated with the mineral
exploration industry; general business, economic, competitive, political and social uncertainties,
environmental risks; changes in laws and regulations; community relations, including in respect of any
negotiations with landowners relating to access rights, and delays in obtaining governmental or other
approvals and the other risk factors set out in the Company's public disclosure record on SEDAR+
(
www.sedarplus.ca
) under the Company's issuer profile. Although the Company believes that the
assumptions and factors used in preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such information, which only applies as of the date
of this news release, and no assurance can be given that such events will occur in the disclosed time
frames or at all. The Company disclaims any intention or obligation to update or revise any forward-
looking information, whether as a result of new information, future events or otherwise, other than as
required by law.
Not for distribution to United States newswire services or dissemination in the United States
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/290881