Business
Latin American Minerals Announces Closing of Final Tranche of Oversubscribed Private Placement
TORONTO, ONTARIO--(Marketwired - July 18, 2016) - Latin American Minerals Inc. (TSX VENTURE:LAT) (the "Company") announces that it has closed the final tranche
About this update from Sterling Metals Corp.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - July 18, 2016) - Latin American Minerals Inc. (TSX VENTURE:LAT) (the \"Company\") announces that it has closed the final tranche of its previously announced non-brokered private placement by issuing 17,424,152 units (\"Unit\") at a price of $0.10 per Unit for gross proceeds of $1,742,415.20 (the \"Offering\"). Each Unit is comprised of one common share (a \"Common Share\") of the Company and one Common Share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one Common Share for a period of two (2) years from the closing of the Offering at a price of $0.15 per Common Share. The proceeds of the Offering will be used to reconfigure the mill, improve recoveries, initiate a drill program on the Paso Yobai gold project and for general working capital purposes. The securities issued pursuant to the final tranche of the Offering are subject to a hold period expiring on November 16, 2016. 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 broker warrants (the \"Broker Warrants\") equal to 8% of the securities purchased by such subscribers. Each Broker Warrant entitles the holder thereof to purchase one Common Share for a period of two (2) years from the closing of the Offering at a price of $0.15 per Common Share. As previously announced, Eric Sprott purchased an additional 15,089,152 Units in the final tranche of the Offering (representing 22.5% of the issued and outstanding Common Shares on a non-diluted basis and 36.8% on a partially diluted basis) resulting in his purchase of an aggregate of 25,000,000 Units of the Company in the Offering. Shareholders of the Company approved Mr. Sprott as the new \"Control Person\" on July 13, 2016. Mr. Sprott now owns 37.3% of the issued and outstanding Common Shares on a non-diluted basis, and 54.4% on a partially diluted basis. Mr. Sprott has a long-term view of the investment and may acquire additional Common Shares either on the open market or through private acquisitions or sell the Common Shares on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. A copy of Mr. Sprott's early warning report will appe...