Latin American Minerals Announces Closing of First Tranche of Private Placement of Units
Latin American Minerals Announces Closing of First
Tranche of Private Placement of Units
Toronto, Ontario--(Newsfile Corp. - December 1, 2017) -
Latin American Minerals Inc. (TSXV: LAT)
(the "
Company
")
announces that it has closed the first tranche of its previously announced non-brokered private placement through the issuance
14,046,667 units ("
Units
") at a price of $0.075 per Unit for gross proceeds of $1,053,500.03 (the "
Offering
").
Each Unit is
comprised of one common share ("
Common Share
") of the Company and one Common Share purchase warrant ("
Warrant
").
Each Warrant entitles the holder thereof to purchase one Common Share for a period of five (5) years from the closing of the
Offering at a price of $0.10 per Common Share. The proceeds of the Offering will be used for general working capital purposes.
In connection with the completion of the first tranche of the Offering, certain eligible persons (the "
Finders
") were paid a cash
commission equal to 8% of the gross proceeds raised from subscribers introduced to the Company by such Finders and issued
777,600 non-transferable broker warrants ("
Broker Warrants
"). Each Broker Warrant entitles the holder to purchase one Unit
for a period of five (5) years from the closing of the Offering at a price of $0.075 per Unit.
Closing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of TSX
Venture Exchange.
All securities issued in connection with the Offering will be subject to a hold period of four months plus a day
from the date of issuance and the resale rules of applicable securities legislation. The Company will be closing additional
tranches of the Offering until December 29, 2017.
This press 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. 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 (as defined in Regulation S under the U.S.
Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption
from such registration requirements.
About the Company
Latin American Minerals Inc. is a mineral exploration and gold mining company which holds its core gold projects in Paraguay.
The Company is currently expanding its Independencia Mine gold processing plant to encompass vat-leach gold recovery from
mineralization extracted in open pit bulk mining activities at its fully permitted mining concession.
Management has identified exploration targets at Independencia Mine, and six new gold zones on the Company's adjacent
exploration claims, for drill testing.
This property package comprises the Company's 15,020 hectare Paso Yobai gold project.
For more information, please contact:
Mathew Wilson, President & CEO
Toronto: (1-416) 643-7630
E-mail:
Website:
www.latinamericanminerals.com
The Company's public documents may be accessed at
www.sedar.com
.
For further information, please visit our website at
www.latinamericanminerals.com
or email us at
.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy
of this release.
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward
looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or
conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions
and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to differ materially from those projected in the forward-looking
information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should
refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-
looking information if circumstances or management's estimates or opinions should change, unless required by law. The
reader is cautioned not to place undue reliance on forward-looking information.
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this
restriction may constitute a violation of U.S. Securities laws.