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.
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