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VANCOUVER, British Columbia, Feb. 6, 2024 (GLOBE NEWSWIRE) — Latin Metals Inc. (“Latin Metals” or the “Company”) – (TSXV: LMS) (OTCQB: LMSQF) announces that it has closed its previously unannounced transaction. Negotiated pursuant to a personal placement (the “Financing”) for total gross proceeds of $700,000 through the issuance of 10,000,000 games (each a “Unit”) with a subscription value of $0. 07 per unit.
Each Unit is comprised of a non-unusual percentage of the capital of Latin Metals (a “Share”) and one-half of a warrant to acquire a non-unusual percentage, a total guarantee that entitles the holder thereof to acquire a percentage consistent with a security. of $0. 15 consistent with percentage. for a consistent period of 24 months from the completion of the Financing.
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In connection with the completion of the financing, the Company paid a search engine payment on a portion of the financing to Leede Jones Gable Inc. which consists of a monetary commission of $17,640 and 251,999 search engine guarantees. All securities issued through the Company in connection with the Financing are subject to a holding period of four months and one day in Canada.
Certain officers, directors, and a user controlling the Company (collectively, the “Related Parties”) participated in the Financing pursuant to the terms described above, purchasing a total of 4,300,000 Units. These are like-for-like transactions under Multilateral Instrument 61-101. Protection of Minority Securities Holders in Special Transactions (“MI 61-101”). The Company relied on sections 5. 5(a) and 5. 7(1)(a) of NI 61-101 to discharge a waiver of formal valuation and approval requirements. of minority shareholders, respectively, at the end of the Financing, neither the fair market price of the Units issued pursuant to the Financing, nor the fair market price of the attention earned through the Company by them, to the extent they are similar parties, exceeded 25% of the Company’s market capitalization.
The proceeds from the Financing will support continued exploration and generative activities across our project portfolio in Argentina and Peru, alongside general working capital needs. The engagement of insiders in the Financing highlights their ongoing support and confidence in Latin Metals’ strategic direction and exploration potential. The closing of the Financing is subject to receipt of TSX Venture Exchange final approval. Latin Metals thanks its investors and stakeholders for their continued support and looks forward to providing further updates on our exploration progress and strategic partnerships.
Summary of key and strategic projects for 2024.
Exploration Projects
Generative painting is at the heart of the Latin Metals process and, in a sense, is the most important step. The identification, acquisition and advancement of exploration projects will need to be done well to attract quality exploration projects.
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Partner-ready projects
The Company has assignments available as options, some of which are summarized below. Each assignment has a committed presentation on the Latin Metals online page here, which provides abstract information, or detailed knowledge can be reviewed under a confidentiality agreement. The company aims to find quality option partners for each of the Esperanza, Cerro Bayo and Lacsha assignments by 2024.
Organullo Project, Argentina
The Organullo project where an existing option agreement with AngloGold Argentina Exploraciones S.A. (“AngloGold”), a wholly owned subsidiary of AngloGold Ashanti plc. provides AngloGold with an option to earn up to an 80% interest in the Project.
As previously reported, AngloGold has completed an aerial geophysical survey that collects magnetic and radiometric data across most of the mapping domain and this in-depth geophysical survey is a vital milestone for the Organullo allocation. Knowledge and interpretation will be incorporated into existing knowledge. collected through AngloGold to help finalize drill targets. AngloGold Ashanti has submitted a drilling permit for 11,900 m and plans to commence drilling once this and other permits are received.
Qualified Person
The technical content of this press release has been approved for release through Keith J. Henderson P. Geo, a qualified person as explained through NI 43-101 and the company’s chief executive officer. Henderson is independent of the Company as he is an employee of the Company and owns Company securities.
About Latin Metals
Latin Metals is a mineral exploration company that acquires a diversified portfolio of assets in South America. The Company operates under a prospect generation style focused on obtaining prospective exploration housing at minimum cost, complementing initial evaluation with successful exploration to identify drill targets and in the future. End securing joint venture partners to finance complex drilling and exploration. Shareholders are exposed to the benefits of a significant discovery without the dilution associated with financing riskier exploration through drilling.
On behalf of the Board of Directors of
LATIN METALS INC.
“Keith Henderson”
President & CEO
For more information about the Company, readers can refer to the Company’s Canadian regulatory filings (www. latin-metals. com) on SEDAR in www. sedar. com.
For information, please contact:
Keith Henderson
West Hastings Street Vancouver, BC 890999 Office, V6C 2W2
Phone: 604-638-3456 Email: info@latin-metals. com
Neither 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 news release.
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein, including, without limitation, the use of proceeds from the Financing the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the TSX Venture Exchange for the Financing), permits or financing, changes in laws, regulations and policies affecting mining operations, currency fluctuations, title disputes or claims, environmental issues and liabilities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on the Company’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company’s continuous disclosure documents. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no legal responsibility to update forward-looking statements contained in this press release or incorporated by reference herein, unless otherwise required by law.
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