Latin American Minerals Announces Closing of $422,000 Financing
25 April 2014 - 11:35PM
Marketwired Canada
Latin American Minerals Inc. (TSX VENTURE:LAT)(OTCQX:LATNF) (the "Company")
announces that it has completed a non-brokered private placement financing for
gross proceeds of $422,000.
Miles Rideout, President and CEO stated, "This financing allows us to begin the
expansion to heap leach processing at Paso Yobai. Heap leach technology will be
an important component of an eventual full scale mine project."
Pursuant to the private placement, the Company issued a total of 5,275,000 units
at a price of $0.08 per unit. Each unit consists of one common share of the
Company, along with one common share purchase warrant (collectively the
"Securities"). Each warrant may be exercised into one additional common share at
a price of $0.12 per common share for twenty four months following closing. No
commissions or finders' fees were paid in connection with this private
placement. Securities issued pursuant to this private placement are subject to
standard regulatory four month hold period.
Certain insiders of the Company participated in the private placement as
outlined in the table below. Subscriptions from such insiders are considered
related-party transactions within the meaning of TSX Venture Exchange Policy 5.9
and Multilateral Instrument 61-101.
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Ownership interest
Name Title $ Units Before After %
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Ian C. Peres Chairman 40,000 500,000 - 500,000 0.51%
Richard Boulay Director 80,000 1,000,000 5,765,682 6,765,682 6.86%
Patricia Sheahan Director 28,000 350,000 111,667 461,667 0.47%
Waldo Perez Director 26,000 325,000 1,292,366 1,617,366 1.64%
Paul Fornazzari Director 10,000 125,000 731,666 856,666 0.87%
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The proceeds from the private placement will be used at Paso Yobai and for
general working capital purposes.
About the Paso Yobai Gold Project:
Paso Yobai is 15,040 hectare property that represents a new gold camp in
Paraguay. Anomalous gold values occur at surface over 60% of the property
package.
The Company operates a pilot plant on the fully permitted Independencia Mine
concession, where gold was initially discovered. The Independencia Mine open-pit
operation allows the Company to expose, map and bulk-sample mineralization along
the 3 km Discovery Trend. The Independencia Mine received its regulatory permit
for heap-leach operation in February, 2014, and this financing permits the
operational expansion to process existing disseminated-mineralization stock
piles accumulated over the preceding two years. The proceeds of the
bulk-sampling program subsidize operating expenses and corporate administration,
exploration and property expenses in Paraguay.
The Company's ongoing gold exploration is now focused on the adjacent,
100%-owned exploration licences, containing the 14.8 km X-Mile Trend. The
Company has completed comprehensive geophysical studies over this trend,
identifying multiple targets below each of five prominent gold zones.
The Company's extensive exploration efforts have confirmed Paraguay as a highly
prospective region for mineral exploration, where it continues to explore its
portfolio of mineral claims for gold, diamonds, REE and niobium.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Latin American Minerals Inc.
Miles Rideout, President and CEO
Toronto: (1-416) 363-0841 or (1-416) 902-8558
Argentina: (54-261) 439-9268
information@latinamericanminerals.com
www.latinamericanminerals.com
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