Latin American Minerals Announces $1,000,000 Financing
28 June 2014 - 1:16AM
Marketwired
Latin American Minerals Announces $1,000,000 Financing
TORONTO, ONTARIO--(Marketwired - Jun 27, 2014) - Latin American
Minerals Inc. (TSX-VENTURE:LAT)(OTCQX:LATNF) (the "Company")
announces a proposed financing of 10,000,000 common shares (the
"LAT shares") at a price of $0.10 per share for total gross
proceeds of $1,000,000 (the "Offering"). There are no finder's fees
associated with the Offering.
Miles Rideout, President and CEO stated, "This proposed
financing is significant. In tandem with the positive cash flow
anticipated from the pilot heap leach facility now under
construction, the Company expects to proceed with the evaluation of
six highly prospective gold showings at Paso Yobai."
The Offering is fully subscribed for by Pinetree Capital Ltd.
("Pinetree") which will issue 2,000,000 common shares of Pinetree
(the "Pinetree shares") to the Company, in payment of the purchase
of the LAT shares. Pinetree is an insider and currently the largest
shareholder of the Company. Subscriptions from such insiders are
considered related-party transactions within the meaning of TSX
Venture Exchange Policy 5.9 and Multilateral Instrument 61-101.
The issuance of the LAT shares to Pinetree will result in
Pinetree holding approximately 29% of the Company's undiluted
stock, and result in the creation of a "Control Person" as defined
by the TSX Venture Exchange. Consequently, the Offering is subject
to the approval of a majority of the Company's disinterested
shareholders and may require a special meeting of the shareholders.
The issuance of the LAT shares and the Pinetree shares pursuant to
the Offering are subject to the approval of the TSX Venture
Exchange and the Toronto Stock Exchange, respectively, and to the
standard four month hold period.
The net proceeds from the private placement will be used at the
Company's Paso Yobai gold project and for general working capital
purposes.
About the Company:
Latin American Minerals Inc. is a mineral exploration company
with its flagship Paso Yobai property located in eastern Paraguay,
an emerging gold region. Paso Yobai hosts a large epithermal gold
footprint on two parallel gold trends, namely the 10 km
Discovery Trend and 14.8 km X-Mile Trend.
The Company holds a 100% interest in an on-site concentrator
plant (mill) at the fully permitted Independencia Mine at Paso
Yobai. In operation since 2012, the plant continues to provide
vital information on the grade, mineralogy and metallurgical
characteristics of the Paso Yobai mineralization through
self-funded operation.
The Company holds 100% of the adjacent Paso Yobai X-Mile
Trend exploration concessions, the present exploration focus.
The Company also holds 100% interests in highly prospective
diamond, REE, niobium and green-fields gold projects in Paraguay
and base metals projects in Argentina.
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
information@latinamericanminerals.com.
The TSX Venture
Exchange does not accept responsibility for the adequacy or
accuracy of this news release.
This news release includes certain forward-looking statements
concerning the future performance of our business, its operations
and its financial performance and condition, as well as
management's objectives, strategies, beliefs and intentions.
Forward-looking statements are frequently identified by such words
as "may", "will", "plan", "expect", "anticipate", "estimate",
"intend" and similar words referring to future events and results.
Forward-looking statements are based on the current opinions and
expectations of management. All forward-looking information is
inherently uncertain and subject to a variety of assumptions, risks
and uncertainties, including the speculative nature of mineral
exploration and development, fluctuating commodity prices,
competitive risks and the availability of financing, as described
in more detail in our recent securities filings available at
www.sedar.com. Actual events or results may differ materially from
those projected in the forward looking-statements and we caution
against placing undue reliance thereon. We assume no obligation to
revise or update these forward-looking statements unless required
by securities law.
Latin American Minerals Inc.Miles RideoutPresident and
CEOToronto: (1-416)
902-8558information@latinamericanminerals.comwww.latinamericanminerals.com
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