Plata Latina Minerals Corp. Announces Corporate Update and Completion of Debt Restructuring
Vancouver, May 31, 2018 - Plata Latina Minerals Corporation (TSXV: PLA) ("Plata Latina" or the "Company") announces that Michael Clarke is retiring from his role as President and Chief Executive Officer and Director of the Company effective June 1, 2018. Dr. Clarke will remain as an advisor to the Board of Directors. Dr. Clarke was a co-founder of Plata Latina and has been with the Company since its inception in 2010. Mr. W. Durand Eppler, currently a Director and Chair of the Audit Committee, will assume Dr. Clarke's responsibilities as the Interim President and Chief Executive Officer until a new President and Chief Executive Officer has been appointed by the Company. "On behalf of the Board, we thank Mike for his dedication and significant contributions to the Company over the last eight years. We wish him the best in his retirement," stated Gilmour Clausen, Plata Latina's Chair of the Board.
In addition, the Company is pleased to report that it has received all the approvals required pertaining to the previously announced debt settlement agreement with Mr. Gilmour Clausen, the Chairman and major shareholder of the Company (see news release dated March 13, 2018 at the Company's website www.plminerals.com and www.sedar.com).
On May 31, 2018, the Company issued 6,976,845 common shares to Mr. Clausen at a deemed price of $0.045 per share to retire the outstanding debt of $313,958. The debt was related to a promissory note of $250,000, bearing interest at 10% per annum entered on May 5, 2015. Post to the issuance of the shares, Mr. Clausen holds 27.10% of the Company's total issued and outstanding common shares.
About Plata Latina Minerals
Plata Latina Minerals is a Canadian exploration company with a portfolio of four silver-gold properties situated in the prolific Mexican Silver Belt focused on discovering new silver-gold vein districts. Plata Latina's expertise in the ore horizon concept and extensive experience in Mexico provides a competitive edge for discovery of new districts between old historic deposits. Its highly experienced management team and board are focused on developing its portfolio of high-potential targets and exploring additional value-creation opportunities. The Company trades on the TSX Venture Exchange under "PLA".
For more information on Plata Latina, please contact:
Patricia Fong, CFO
Telephone: +1 800 933 9925
Email: info@plminerals.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of release.
Forward Looking Statements
This news release contains forward-looking statements and other statements that are not historical facts including statements about the Company's latest exploration program. Such forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to vary materially from target results or events predicted in these forward-looking statements. As a result, investors are cautioned not to place undue reliance on these forward-looking statements.
The forward-looking statements contained in this news release are made as of the date of this release. Except as required by applicable law, Plata Latina disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking information reflects the current expectations or belief of the Company based on information currently available and such information is subject to a number of assumptions, risks and uncertainties, including risks related to exploration, uncertainties related to financings, the uncertainties of interpreting exploration results and other risks associated being a mineral exploration company.