Laconia Resources Limited (ASX:LCR) announced a private placement of up to 37,500,000 shares at AUD 0.04 per share to institutional and sophisticated investor clients of Alto Capital Limited for gross proceeds of AUD 1,500,000 on January 27, 2012. On the same date, the company received approval from shareholders at general meeting. Ian Stuart, Director of the company will subscribe to up to 1,500,000 shares. The issue and allotment of the shares is likely to occur progressively but in any event no later than three months from approval.