Business
Latin American Extends Closing Date for On-Going Private Placement
TORONTO, ONTARIO--(Marketwired - May 3, 2016) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY
About this update from Sterling Metals Corp.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - May 3, 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\") today announced that it has received approval from the TSX Venture Exchange to extend the closing date of its previously announced brokered private placement to June 2, 2016. The private placement is ongoing and the Company expects to close the private placement in a number of tranches on or prior to June 2, 2016. The closing of the first tranche of $229,800, took place on April 8, 2016. The proceeds of the Offering will be used by the Company to fund working capital. 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. About the Company Latin American Minerals Inc. is a mineral exploration and gold mining company which holds its core gold and diamond projects in Paraguay. The Company is currently expanding its Independencia Mine gold processing plant to encompass vat-leach gold recovery from mineralization extracted in open pit bulk mining activities at its fully permitted mining concession. Management has identified six gold zones for drill testing on the Company's adjacent exploration claims, which is part of the Company's 15,020 hectare Paso Yobai gold project. Neither the TSX Venture Exchange nor its Re...