Lithium Americas Corp. to Raise $1.575 Million for Its Lithium Properties
TORONTO, ONTARIO -- (June 16, 2009) - Latin American Minerals Inc. (TSX VENTURE:LAT) (the "Corporation") announces that Lithium Americas Corp. ("Lithium Americas") has agreed to issue, on a private placement basis, 10,500,000 common shares at $0.15 per share for gross cash proceeds of $1.575 million for its lithium projects (the "Private Placement").
Lithium Americas holds certain property interests in the lithium brine district of Puna, Argentina (the "Lithium Properties") acquired from Grupo Minero Los Boros and the Corporation. A more detailed description of the Lithium Properties and their consolidation in Lithium Americas can be found in the Corporation's June 11, 2009 press release which is available at www.latinamericanminerals.com and on SEDAR.
Following the completion of the Private Placement, the Corporation's proportional interest in Lithium Americas will be 32%. There is no public market for the shares of Lithium Americas.
PowerOne Capital Markets ("PowerOne") will act on a best efforts agency basis on the Private Placement. PowerOne is to receive a commission of 8% of the gross proceeds and broker warrants entitling it to acquire such number of common shares as is equal to 10% of the aggregate number of common shares sold by PowerOne in the Private Placement, at a price of $0.15 per common share, for a period of one year following the date Lithium Americas becomes a publicly traded company.
The Private Placement is conditional upon due diligence by PowerOne, regulatory review and approval, and other closing conditions.
Latin American Minerals Inc. is a mineral exploration company focused on the acquisition and development of minerals projects in under-explored but highly prospective countries of Latin America.
This news release contains forward-looking statements, which can be identified by the use of statements that include words such as "could", "potential", "believe", "expect", "anticipate", "intend", "plan", "likely", "will" or other similar words or phrases. These forward-looking statements, including statements regarding the Corporation's beliefs in potential mineralization, are based on current expectations, assumptions and projections about future events and entail various risks and uncertainties that are beyond the Corporation's ability to control or predict. Actual results may materially differ from expectations as more information regarding a property is gathered or if the Corporation's estimates or assumptions prove inaccurate. Factors that may materially affect actual results include, but are not limited to, political, business and economic conditions in jurisdictions where the Corporation conducts business, and risks associated with mineral exploration and production. The Corporation does not intend, and does not assume any obligation, to update forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by applicable securities laws. Readers should not place undue reliance on forward-looking statements. The results described herein are exploratory in nature and there can be no assurance that they are indicative of Mineral Resources as defined in accordance with National Instrument 43-101.
Neither the TSX Venture Exchange 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.
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Lithium Americas Corp.