Latin American Minerals Announces Closing of $422,000 Financing
April 25 2014 - 9:35AM
Marketwired
Latin American Minerals Announces Closing of $422,000 Financing
TORONTO, ONTARIO--(Marketwired - Apr 25, 2014) - 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.
|
|
|
|
|
Ownership interest |
|
|
Name |
Title |
$ |
Units |
Before |
After |
% |
|
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% |
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.
Latin American Minerals Inc.Miles Rideout, President and
CEOToronto: (1-416) 363-0841 or (1-416) 902-8558Argentina: (54-261)
439-9268information@latinamericanminerals.comwww.latinamericanminerals.com
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