Latin American Minerals Closes Private Placement Financing
TORONTO, ONTARIO--(Marketwired - Jun 24, 2015) - Latin American Minerals Inc. (TSX VENTURE:LAT) (the "Company") announces that it has completed a non-brokered private placement financing for gross proceeds of $332,900 and issued a total of 6,658,000 units at a price of $0.05 per unit.
Each unit consists of one common share and one common share purchase warrant exercisable at a price of $0.07 for thirty six months following closing. Securities issued pursuant to this private placement are subject to standard regulatory four month hold period. No commissions or finders' fees were paid in connection with this private placement. The proceeds of the financing will be used for general working capital purposes.
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 | % |
| Richard Boulay | Director | 1,076,000 | 6,765,682 | 7,841,682 | 7% |
| Patricia Sheahan | Director | 876,000 | 461,667 | 1,337,667 | 1% |
About the Company
Latin American Minerals Inc. is a mineral exploration company which holds its gold and diamond projects in Paraguay. The Company is expanding its fully permitted Independencia Mine pilot plant operation with heap-leach gold recovery from mineralization extracted in open pit bulk sampling activities.
Six large gold zones are now ready for drill testing on the exploration claims adjacent to the Independencia Mine, also part of the Company's large 15,020 hectare Paso Yobai gold project.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Contact
Latin American Minerals Inc.
Miles Rideout
President and CEO
Toronto: (1-416) 363-0841 or (1-416) 902-8558
information@latinamericanminerals.com
www.latinamericanminerals.com