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Latin American Minerals Announces Closing of First Tranche Of Private Placement Of Units
(via TheNewswire) Toronto, Ontario / TheNewswire / May 18, 2017 - Latin American Mineral...
About this update from Sterling Metals Corp.
[{"type":"text","content":"Latin American Minerals Announces Closing of First Tranche Of Private Placement Of Units(via TheNewswire)\n\n \nToronto, Ontario / TheNewswire / May 18, 2017 - Latin American Minerals Inc. (TSXV: LAT) (the \"Company\") announces that it has closed the first tranche of its previously announced non-brokered private placement by issuing 12,445,167 units (\"Units\") at a price of $0.12 per Unit for gross proceeds of $1,493,420.04 \n(the \"Offering\"). Each Unit is comprised of one common share (\"Common Share\") of the Company and one Common Share purchase warrant (\"Warrant\"). Each Warrant entitles the holder thereof to purchase one Common Share for a period of twenty-four (24) months from the closing of the Offering at a price of $0.15 per Common Share. The Company may complete one or more additional tranches of the Offering.\n\n\n \nClosing of the Offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The proceeds of the offering will be used for general working capital purposes.\n\n\n \nThe Offering constituted a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (\"MI 61-101\") as certain insiders of the Company subscribed for an aggregate of 8,433,334 Units pursuant to the Offering. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed on a specified market and the fair market value of the participation in the Offering by insiders does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the first tranche of the Offering, which the Company deems reasonable in the circumstances in order to complete the Offering in an expeditious manner.\n\n\n \n2176423 Ontario Ltd., a company controlled by Eric Sprott (\"Sprott\"), a \"Control Person\" (as that term is defined in t...