Business
Latin American Minerals Announces Closing of Second Tranche of Oversubscribed Private Placement
TORONTO, ONTARIO--(Marketwired - June 28, 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 - June 28, 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\") announces that it has closed the second tranche of its previously announced non-brokered private placement by issuing 2,500,000 units (\"Unit\") at a price of $0.10 per Unit for gross proceeds of $250,000 (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 and improve recoveries and to initiate a drill program on the Paso Yobai properties and for general working capital purposes. The Common Shares, Warrants and Broker Warrants issued pursuant to the second tranche of the Offering are subject to a hold period expiring on October 25, 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 an aggregate of 180,000 broker warrants (the \"Broker Warrants\"). 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. The Company also announces that the Offering has been oversubscribed and the Company is increasing the size of the Offering from $1,000,000 to $3,600,000, the additional gross proceeds to be raised pursuant to additional tranches. The Company also announces that Eric Sprott has agreed to subscribe for 25,000,000 Units of the Company pursuant to the additional tranches of the Offering. The Company intends to complete the next additional tranche by issuing to Mr. Sprott such number of Units that would result in Mr. Sprott holding approximately 19.9% of the issued and outstanding shares on a partially diluted basis. Shareholders of the Company will then vote to approve a new \"Control Person\" prior to the Company issuing to Mr. Sprott in the final tran...