LatAm Autos Limited (ASX:LAA) announced a private placement of 39,300,000 shares at a price for gross proceeds of AUD 5,502,000 on December 11, 2017. The transaction will involve participation from to institutional investors, sophisticated investors in Australia and selected overseas jurisdictions. The transaction will also involve participation from all Directors, Chief Executive Officer, and Chief Financial Officer for 5,300,000 shares. The transaction is subject to shareholder approval. The shareholder approval is expected to be sought at an extraordinary general meeting of the company to be held in early 2018. The transaction is expected to close on December 15, 2017.