|By Marketwired .||
|June 27, 2014 11:17 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 06/27/14 -- 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.
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.
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