The Prospector News

Latin Metals Announces Closing of Private Placement for Gross Proceeds of $1.227 Million

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Latin Metals Announces Closing of Private Placement for Gross Proceeds of $1.227 Million

 

 

 

 

 

Latin Metals Inc. (TSX-V: LMS) (OTCQB: LMSQF) announces that it has closed its previously announced upsized and oversubscribed non-brokered private placement for aggregate gross proceeds of $1,227,611.70 through the issuance of 12,276,117 units at a subscription price of $0.10 per Unit.

 

Each Unit consists of one common share in the capital of Latin Metals and one common share purchase warrant, with each warrant entitling the holder thereof to purchase one Share at a price of $0.20 per Share for a period of 36 months from the closing of the Financing.

 

In connection with the closing of the Financing, the Company paid finder’s fees on a portion of the Financing to Leede Jones Gable Inc. consisting of a $1,750 cash commission. All securities issued by the Company pursuant to the Financing are subject to a hold period of four months and one day in Canada.

 

Certain officers, directors and a control person of the Company participated in the Financing pursuant to the terms described above, purchasing in aggregate 4,976,117 Units. These constitute related party transactions pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company relied on Sections 5.5(a) and 5.7(1)(a) of MI 61-101 for an exemption from the formal valuation and minority shareholder approval requirements, respectively, as at the closing of the Financing, neither the fair market value of the Units issued in connection with the Financing, nor the fair market value of the consideration received by the Company for same, insofar as it involved the Related Parties, exceeded 25% of the Company’s market capitalization.

 

The proceeds of the Financing are intended to fund ongoing exploration at the Company’s mineral projects in Argentina and Peru and for general working capital. The closing of the Financing is subject to receipt of TSX Venture Exchange final approval.

 

Posted November 1, 2022

Share this news article

MORE or "UNCATEGORIZED"


MAG Silver Reports First Quarter Financial Results

MAG Silver Corp. (TSX:MAG) ( NYSE: MAG) announces the Company’s... READ MORE

May 8, 2025

Abcourt Intersects 24.3 g/t Over 1.9 m Including 41.9 g/t Over 0.6 m in the 785N Zone and Provides an Update on Its Sleeping Giant Activities

Abcourt Mines Inc.  (TSX-V: ABI) (OTCQB: ABMBF) is pleased to report ne... READ MORE

May 8, 2025

Guanajuato Silver Provides Exploration Update

Guanajuato Silver Company Ltd. (TSX-V:GSVR) (OTCQX:GSVRF) is prov... READ MORE

May 8, 2025

Freegold Reports Final 2024 Drilling Results from Golden Summit Continuing to Confirm Higher Grade Potential

WOW ZONE – GS2437 6.84 g/t Au over 20.6 m including 115.5 g/t o... READ MORE

May 8, 2025

West Red Lake Gold Reports on Bulk Sample Gold Sales

West Red Lake Gold Mines Ltd. (TSX-V: WRLG) (OTCQB: WRLGF) is ple... READ MORE

May 8, 2025

Copyright 2025 The Prospector News