Latin American Minerals Completes Previously Announced $1.5 Million Financing and Announces Addition of Gerry Feldman to the Board of Directors
TORONTO, ONTARIO--(Marketwire - Sept. 13, 2010) -
Latin American Minerals Inc. (TSX VENTURE:LAT) (the "Corporation") is pleased to report that it has closed its previously announced non-brokered private placement (the "Financing"). The Corporation has issued 10,000,000 units (the "Units") at a price of $0.15 per Unit for gross proceeds of $1,500,000. Each Unit is comprised of one common share of the Corporation (a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder thereof to acquire one Common Share at an exercise price of $0.20 per Common Share for a period of two years.
In connection with the Financing, the Company paid finder's fees to certain entities, including PowerOne Capital Markets Ltd., of $90,996.51 in cash and issued finder's warrants (the "Finder's Warrants") entitling the holders thereof to subscribe for an aggregate of 693,306 Common Shares, at a price of $0.20 per Common Shares, exercisable until September 10, 2012.
If the closing price of the Common Shares is higher than $0.50 per common share for a period of 20 consecutive trading days at any time after January 11, 2011, the Corporation may accelerate the expiry date of the Warrants and the Finder's Warrants by giving written notice to the holders thereof, such notice to be provided within 5 trading days following such 20 day period, and in such case the Warrants and Finder's Warrants will expire on the 30th day after the date on which such notice is given by the Corporation.
The Corporation plans to use the net proceeds from the Financing for its mineral exploration projects and for general and administrative purposes. The securities comprising the Units and the Finder's Warrants are subject to a statutory hold period that will expire on January 11, 2011.
Appointment of Mr. Feldman
The Corporation is also pleased to announce that Mr. Gerry Feldman, CA has joined the board of directors. Mr. Feldman is the Chief Financial Officer of Brownstone Ventures Inc. ("Brownstone"), an oil and gas company listed on the TSXV, Chief Financial Officer of Pinetree Capital Ltd. ("Pinetree"), a diversified investment, financial advisory and merchant banking firm focused on investing in early stage micro and small cap resource companies listed on the TSX, and Chief Financial Officer of Mega Uranium Ltd. ("Mega"), a Canadian mineral resource company focused on uranium projects and listed on the TSX. Prior to joining Brownstone, Pinetree and Mega, Mr. Feldman was a senior partner for 20 years in a number of public accounting firms who specialized in audits of brokerage houses, public companies, Investment Councillor and Limited Market Dealers, Mutual Fund Dealers and Mutual Funds.
Latin American Minerals Inc. is a mineral exploration company that intends to develop its large Paso Yobai gold project in Paraguay.
The TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The statements made in this press release that are not historical facts contain forward-looking information that involves risk and uncertainties. All statements, other than statements of historical facts, which address the Corporation's expectations, should be considered forward-looking statements. Such statements are based on management's exercise of business judgment as well as assumptions made by and information currently available to management. When used in this document, the words "may", "will", "anticipate", "believe", "estimate", "expect", "intend" and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect our current view of future events and are subject to certain risks and uncertainties as contained in the Corporation's filings with Canadian securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results could differ materially from those anticipated in these forward-looking statements. We undertake no obligation, and do not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events, unless required under applicable securities laws. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize.
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Latin American Minerals Inc.