Business
Latin American Announces Closing of First Tranche of Private Placement of Units
TORONTO, ONTARIO--(Marketwired - April 8, 2016) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPL
About this update from Sterling Metals Corp.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - April 8, 2016) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS. Latin American Minerals Inc. (TSX VENTURE:LAT) (the \"Company\" or \"LAT\") is pleased to announce that it has closed the first tranche of its previously announced private placement issuing 1,915,000 units (\"Units\") at a price of $0.12 per Unit for gross proceeds of $229,800 (the \"Offering\"). Each Unit is comprised of one common share (a \"Common Share\") in the capital of the Company and one-half of one Common Share purchase warrant (each whole warrant, a \"Warrant\"). Each whole Warrant entitles the holder thereof to purchase one Common Share for a period of two (2) years from the closing of the Offering (the \"Warrant Term\") at a price of $0.18 per Common Share, provided, however, that should the closing price at which the Common Shares trade on the TSX Venture Exchange (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) exceed $0.30 for 20 consecutive trading days at any time following the date that is four months and one day after the date of issuance of the Warrants, the Company may accelerate the Warrant Term (the \"Reduced Warrant Term\") such that the Warrants shall expire on the date which is 30 calendar days following the date a press release is issued by the Company announcing the Reduced Warrant Term. Certain eligible persons (the \"Finders\") were paid a cash commission equal to 8% of the proceeds raised from subscribers introduced to the Company by such Finder, and also issued an aggregate of 53,200 broker warrants (the \"Broker Warrants\"), each Broker Warrant entitling the holder to acquire one Common Share at a price of $0.12 for a period of two (2) years from the closing of the Offering, subject to the Reduced Warrant Term. The Common Shares, Warrants and Broker Warrants issued pursuant to the Offering are subject to a hold period expiring on August 9, 216. The proceeds of the Offering will be used for general working capital purposes. The Company may complete one or more additional tranches of the Offering in the upcoming weeks. The first tranche of the Offering constituted a related party transaction within the meaning of TSX...