Latin American Minerals arranges C$600,000 private placement

The company says funds will be used for general working capital purposes
 Latin American Minerals arranges C$600,000 private placement
Latin American Minerals is a mineral exploration company with projects in South America

Latin American Minerals Inc. (CVE:LAT) announced today that it has arranged a non-brokered private placement of up to 12 million units at a price of C$0.05 per unit for gross proceeds of up to $600,000. According to the company, funds raised will be used for general working capital purposes.

According to the terms of the placement, each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share for a period of 24 months from the closing of the offering at a price of C$0.10 per common share. The company said funds raised will be used for general working capital purposes.

"Led by Jeremy Niemi, our exploration program has led us to a point where we are visually beginning to see what we believe to be a continuous formation of silicified rocks. These rocks are similar to those that have resulted in gold mineralized assays in previous drill campaigns," said Mathew Wilson, president and chief executive officer.

"While we realize that this extra dilution is not ideal, we believe it is necessary to drill additional holes in an effort to properly define what we believe could be the start of a significant structure."

READ: Latin American Minerals turns focus to Tacura gold zone as it updates on drilling at Paso Yobai

According to the company, the offering is subject to corporate and regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued 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 also said that certain insiders of the company will participate in the offering, in accordance with regulatory approval requirements.

In addition to the private placement, Latin American Minerals announced that that the TSX Venture Exchange also approved its amended stock option plan.

Shares of Latin American Minerals were down 14.29% at C$0.06 on Thursday afternoon.

View full LAT profile View Profile

Latin American Minerals Timeline

Related Articles

drill rig at site
April 10 2018
The company's shares are trading about 8% higher intra-day, at 1.4 cents.
Drill rigs in Mongolia
May 03 2018
The recent discovery hole at Zaraa intersected 606 metres at 0.36% copper and 0.32 g/t gold.
1528891944_Berkwood-Resources---drill-core.jpg
Wed
Lac Guéret Extensions is adjacent to one of the highest grade graphite projects in the world

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright © personabelovo.ru, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated.