Business
Latin American Minerals Announces Closing of Third Tranche of Oversubscribed Private Placement
TORONTO, ONTARIO--(Marketwired - July 8, 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 - July 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\") announces that it has closed the third tranche of its previously announced non-brokered private placement by issuing 9,910,848 units (\"Unit\") at a price of $0.10 per Unit for gross proceeds of $991,084.80 (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 Common Shares, Warrants and Broker Warrants issued pursuant to the second tranche of the Offering are subject to a hold period expiring on November 8, 2016. As previously announced, Eric Sprott has subscribed for 25,000,000 Units of the Company. A total of 9,910,848 Units, representing approximately 19.9% of the issued and outstanding Common Shares on an undiluted basis and assuming exercise of the Warrants, approximately 33.3% of the issued and outstanding Common Shares of the Company on a partially diluted basis, have been issued to Mr. Sprott. Shareholders of the Company will be asked to vote to approve a new \"Control Person\" prior to the Company issuing the balance of the 25,000,000 Units to Mr. Sprott. Mr. Sprott has signed an undertaking agreeing not to exercise any convertible securities of the Company, in whole or in part, if, after giving effect to such exercise, Mr. Sprott would own that number of Common Shares of the Company which is twenty percent or greater of the total issued and outstanding Common Shares of the Company, immediately after giving effect to such exercise, until such time the Company obtains shareholder approval for the creation of a new \"Control Person\". Mr. Sprott has a long-term view of the investment and may acquire additional Common Shares either on the open market or through private acquisi...