TORONTO, ONTARIO -- (Marketwired) -- 04/21/15 -- Latin American Minerals Inc. (TSX VENTURE: LAT) (the "Corporation") announces that it intends to raise up to $300,000 by way of a non-brokered private placement financing, by issuing up to 8,571,428 units of the Corporation (the "Units") at a price of $0.035, pursuant to a discretionary waiver of the $0.05 minimum pricing requirement granted by the TSX Venture Exchange. Each Unit is comprised of one common share of the Corporation (a "Common Share") and one purchase warrant exercisable at $0.06 for a period of 24 months from the Closing Date (the "Offering").
Assuming the Offering is fully subscribed, the Corporation intends to allocate the net proceeds as follows: $200,000 to the vendors of the Corporation's Paso Yobai Project, and the balance for general working capital purposes. Although the Company intends to use the proceeds of the Offering as described above, the actual allocation of net proceeds may vary from the uses set forth above, depending on changing priorities, future operations or unforeseen events or opportunities.
The closing of the Offering is subject to the final approval of the TSX Venture Exchange. Finder's fees may be paid on the Offering. The Offering is preferentially offered to all existing shareholders of the Corporation, and to other investors should Units remain available.
The Corporation also announces that it has entered into an agreement to settle $44,100 in existing debt owing to a service provider through the issuance of Common Shares. The Corporation will issue 735,000 Common Shares in settlement of the debt.
About the Company
Latin American Minerals Inc. is a mineral exploration company which holds its core gold and diamond projects in Paraguay. The Company is currently expanding its Independencia Mine pilot plant operation to encompass heap-leach gold recovery from mineralization extracted in open pit bulk sampling activities at its fully permitted mining concession. Three reusable leach pads are in operational trials.
Six large gold zones are ready for drill testing on the Company's adjacent exploration claims, also part of the Company's large 15,020 hectare Paso Yobai gold project.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Latin American Minerals Inc.
President and CEO
Toronto: (1-416) 363-0841 or (1-416) 902-8558