Latin American Minerals Announces Closing of $422,000 Financing
April 25, 2014 (Source: Marketwired) — 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.
|Ian C. Peres||Chairman||40,000||500,000||–||500,000||0.51%|
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.
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