Latin Metals Inc. (TSX-V: LMS) (OTCQB: CTMID) announces that it has closed the first tranche of its non-brokered private placement announced on April 30, 2019. In connection with the closing of the first tranche of the Financing, the Company issued a total of 24,798,000 shares, priced at $0.125 per Unit for gross proceeds of $3,099,750. The Company expects to close the second and final tranche of the Financing in the coming weeks.
In connection with the closing of the Financing, the Company paid finders fees on a portion of the Financing to Leede Jones Gable ($66,937.50 and 535,500 finder’s warrants) and Haywood Securities Inc. ($42,175.00 and 337,400 finder’s warrants), consisting of a cash commission equal to 7% of the gross proceeds raised by each finder and finder’s warrants equal to 7% of the corresponding number of Shares issued. Each finder’s warrant entitles the holder thereof to purchase one common share of Latin Metals for $0.125 for a period of 12 months from the closing of the Financing The Shares and Finder’s Shares are subject to a hold period of four months and one day in Canada. The Company intends to use the proceeds of the Financing to fund exploration at existing projects, to acquire additional projects and for general working capital purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States, or in any jurisdiction in which such an offer or sale would be unlawful. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any United States state securities laws, and may not be offered or sold in the United States or to the account or benefit of a “U.S. person” (as defined in Regulation S under the 1933 Act) or a person in the United States absent registration or an applicable exemption from the registration requirements.
About Latin Metals
Latin Metals is a mineral exploration company acquiring a diversified portfolio of assets in South America. The Company operates with a Prospect Generator model focusing on the acquisition of prospective exploration properties at minimum cost, completing initial evaluation through cost-effective exploration to establish drill targets, and ultimately securing joint venture partners to fund drilling and advanced exploration. Shareholders are exposed to the upside of a significant discovery without the dilution associated with funding the highest-risk drill-based exploration.
Among the Company’s asset portfolio, key assets include the Organullo Gold project; a 100%-owned property in which Yamana Gold Inc. are earning an initial 70% interest through various work commitments and cash payments (for additional details, see news release dated October 22, 2018).
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