Lara Exploration to Raise up to an Aggregate of C$33,750,000 Pursuant to a C$20,250,000 Brokered Private Placement and a Concurrent C$13,500,000 Non-Brokered Private Placement
Lara Exploration to Raise up to an Aggregate
of C$33,750,000 Pursuant to a C$20,250,000
Brokered Private Placement and a Concurrent
C$13,500,000 Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - March 10, 2026) - Lara Exploration Ltd. (TSXV: LRA)
(OTC Pink: LRAXF), ("
Lara
" or the "
Company
") announces that it has entered into an agreement with
SCP Resource Finance LP (the "
Lead Agent
"), pursuant to which the Lead Agent has agreed to act as
lead agent for and on behalf of a syndicate of agents (the "
Agents
") in connection with a "best efforts"
brokered private placement of up to 6,750,000 common shares of the Company ("
Common Shares
")
at a price of C$3.00 (equivalent to US$2.22 based on an exchange rate of $1.35 CAD per USD) per
Common Share (the "
Issue Price
") for maximum gross proceeds to the Company of up to
approximately C$20,250,000 (equivalent to US$15,000,000 based on an exchange rate of $1.35 CAD
per USD) (the "
Brokered Private Placement
"). Subject to the closing of the Brokered Private
Placement, the Company has agreed to pay to the Agents a cash fee equal to 6% of the gross proceeds
of the Brokered Private Placement (reduced to 0% in respect of any purchasers who are insiders of the
Company).
The Company furthermore intends to complete a concurrent non-brokered private placement for
additional proceeds of up to 4,500,000 Common Shares at the Issue Price for maximum gross
proceeds to the Company of up to approximately C$13,500,000 (equivalent to US$10,000,000 based
on an exchange rate of $1.35 CAD per USD) (the "
Non-Brokered Private Placement
").
No finder's
fees are expected to be payable in respect of the Non-Brokered Private Placement.
The closing of both the Brokered and Non-Brokered Placements is expected to occur concurrently on or
about March 31, 2026 (the "
Closing Date
") or, in respect of the Brokered Private Placement, such other
date as may be agreed upon by the Company and the Agents. Completion of the Brokered and Non-
Brokered Private Placements is subject to certain conditions, including but not limited to, the receipt of
all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.
Securities issued under the Non-Brokered and Brokered Placements will be subject to a statutory four
month hold period under applicable Canadian securities laws from the date of closing.
The proceeds of the Brokered and Non-Brokered Private Placements will be used by Lara to advance
the Planalto Copper-Gold Project and for general corporate and working capital purposes.
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 Private Placements, the intended use of proceeds, the
expected closing timeline 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 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/287938