Welcome!

News Feed Item

Latin American Minerals Announces Closing of $1,000,000 Financing

TORONTO, ONTARIO -- (Marketwired) -- 07/11/14 -- Latin American Minerals Inc. (TSX VENTURE:LAT)(OTCQX:LATNF) (the "Company") announces the closing of the previously announced $1,000,000 financing (the "Financing") (press release June 27, 2014).

Pursuant to the securities purchase agreement (the "Agreement") dated June 25, 2014 between the Company and Pinetree Capital Ltd. ("Pinetree"), the Company issued 10,000,000 common shares to Pinetree Capital Ltd. at a deemed price of $0.10 per share for a transaction value of $1,000,000, in exchange for 2,000,000 common shares of Pinetree at a deemed price of $0.50 per share (the "Pinetree shares"). The LAT and Pinetree shares are subject to a four month hold period. There were no warrants or finders' fees associated with the Financing.

Pursuant to the requirements of the TSX Venture Exchange (the "TSXV"), the Company sought and obtained written consent from a majority of disinterested shareholders of the Company for the creation of a new Control Person (as that term is defined in the policies of the TSXV). As a result of the closing of the Financing, Pinetree, together with its joint actor, holds 28,550,500 common shares of the Company, representing approximately 26.27% of the issued and outstanding common shares of the Company. Pinetree also holds 3.5 million common share purchase warrants of the Company. Accordingly, on a fully diluted basis (that is, assuming conversion of all outstanding warrants and other convertible securities of the Company) Pinetree, together with its joint actor, would hold approximately 23.27% common shares of the Company.

Miles Rideout, President and CEO stated, "We would like to thank shareholders for their support in approving this financing which allows the Company to increase the scale of the evaluation and exploration efforts on six mapped gold zones at our Paso Yobai project."

The net proceeds from the private placement will be used at the Company's Paso Yobai gold project and for general working capital purposes.

The Financing constitutes a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and TSXV Policy 5.9. The Company is relying on the exemptions from the formal valuation and minority shareholder approval requirements contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of securities being issued to Pinetree nor the consideration being paid by Pinetree exceeded 25% of the Company's market capitalization on the date of the Agreement. The Company did not file a material change report 21 days prior to the closing of the Financing as the transaction was announced and closed in less than that time period.

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 operating cash flow and 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 [email protected].

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Latin American Minerals Inc.
Miles Rideout
President and CEO
Toronto: (1-416) 902-8558
[email protected]
www.latinamericanminerals.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Taica manufacturers Alpha-GEL brand silicone components and materials, which maintain outstanding performance over a wide temperature range -40C to +200C. For more information, visit http://www.taica.co.jp/english/.
The session is centered around the tracing of systems on cloud using technologies like ebpf. The goal is to talk about what this technology is all about and what purpose it serves. In his session at 21st Cloud Expo, Shashank Jain, Development Architect at SAP, will touch upon concepts of observability in the cloud and also some of the challenges we have. Generally most cloud-based monitoring tools capture details at a very granular level. To troubleshoot problems this might not be good enough.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
We all know that end users experience the Internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices – not doing so will be a path to eventual b...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
SYS-CON Events announced today that SourceForge has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SourceForge is the largest, most trusted destination for Open Source Software development, collaboration, discovery and download on the web serving over 32 million viewers, 150 million downloads and over 460,000 active development projects each and every month.
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
As popularity of the smart home is growing and continues to go mainstream, technological factors play a greater role. The IoT protocol houses the interoperability battery consumption, security, and configuration of a smart home device, and it can be difficult for companies to choose the right kind for their product. For both DIY and professionally installed smart homes, developers need to consider each of these elements for their product to be successful in the market and current smart homes.
In the fast-paced advances and popularity in cloud technology, one of the most critical factors revolves around concerns for security of your critical data. How to assure both your company and your customers they can confidently trust and utilize your cloud environment is most often top on the list. There is a method to evaluating and providing security that exceeds conventional modes of protecting data both within the cloud as well externally on mobile and other devices. With the public failure...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
Transforming cloud-based data into a reportable format can be a very expensive, time-intensive and complex operation. As a SaaS platform with more than 30 million global users, Cornerstone OnDemand’s challenge was to create a scalable solution that would improve the time it took customers to access their user data. Our Real-Time Data Warehouse (RTDW) process vastly reduced data time-to-availability from 24 hours to just 10 minutes. In his session at 21st Cloud Expo, Mark Goldin, Chief Technolo...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...