Business
Latin American Minerals Increases Amount of Private Placement and Closes First Tranche
TORONTO, ONTARIO--(Marketwired - June 10, 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 10, 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\") is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement by issuing 6,165,000 units (\"Unit\") at a price of $0.10 per Unit for gross proceeds of $616,500 (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. 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 490,000 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 Common Shares, Warrants and Broker Warrants issued pursuant to the Offering are subject to a hold period expiring on October 11, 2016. The Company also announces that the Offering has been oversubscribed and the Company is increasing the gross proceeds of the Offering from $750,000 to $1,000,000. The Company also announces that a new strategic investor, Plethora Precious Metals Fund has subscribed for a portion of the Offering. Basil Botha, CEO of the Company, commented: \"We thank Plethora Precious Metals Fund for their support and encouragement in assisting us to advance our Paso Yobai gold project in Paraguay. Plethora has an exceptional track record for identifying quality assets with large upside potential; their involvement is a big vote of confidence to the merits of this project.\" Douwe Van Hees, fund manager at Plethora commented: \"We commend the work Basil and his team have accomplished to advance the Paso Yobai gold project and look forward to future production as well as exploration success.\" The proceeds of the Offering will be used to reconfigure the mill and impr...