Latin Metals Successfully Completes $2 Million Private Placement
Latin Metals Secures Significant Funding Through Private Placement
Latin Metals Inc. is excited to announce the successful closing of its non-brokered private placement, bringing in aggregate gross proceeds of $2,000,000. In this placement, the company issued a total of 25,000,000 units, each valued at a subscription price of $0.08 per unit. This funding will support the company's ongoing mineral exploration and project acquisition efforts.
Details of the Private Placement
Each unit in this private placement represents one common share in the capital of Latin Metals and includes a warrant that permits the holder to purchase an additional share at a price of $0.15 for a duration of 24 months. This structure not only provides immediate capital but also potential for future share acquisition.
Finder’s Fees and Warrant Details
In connection with this financing, Latin Metals compensated Leede Financial Inc. with a finder's fee, totaling $70,350 in cash and 879,375 finder’s warrants. Each of these warrants can be exercised at $0.08 per share over a 12-month period, showcasing the incentive for investors to engage with the company.
Related Party Transactions and Compliance
It's noteworthy that certain officers and directors of the company participated in this financing, purchasing an aggregate of 10,225,000 units. This transaction is categorized as a related party transaction under Multilateral Instrument 61-101, and the company utilized exemptions from the formal valuation and minority approval processes given that these purchases did not exceed 25% of its market capitalization.
Utilization of Proceeds
The proceeds from the financing will be strategically allocated to various initiatives, including, but not limited to, mineral exploration, project generation, project acquisitions, repayment of loans, and general working capital needs. This approach ensures that Latin Metals is well-positioned for future growth and exploration endeavors.
About Latin Metals
Latin Metals operates as a mineral exploration company, dedicated to acquiring a diverse range of assets across South America. Adopting a Prospect Generator model, the company focuses on identifying promising exploration properties with minimal upfront costs. Their objective is to complete initial evaluations through cost-effective methods to establish viable drill targets, subsequently forging partnerships to finance drilling and advanced studies.
Engaging Shareholders
This model allows shareholders to benefit from potentially lucrative discoveries while mitigating the risks associated with high-cost, drill-based explorations. By enhancing shareholder value without sacrificing equity, Latin Metals strives to create robust opportunities in the mineral exploration sector.
Future Perspectives
The successful closing of this private placement is a pivotal moment for Latin Metals, indicating strong market confidence and commitment to its strategic vision. Looking forward, the company is enthusiastic about its prospects and explores opportunities that align with its growth ambitions.
Frequently Asked Questions
What is the purpose of the private placement completed by Latin Metals?
The funding raised from the private placement is intended to support mineral exploration, project acquisition, repayment of loans, and general working capital.
Who participated in the financing round?
Officers and directors of Latin Metals engaged in the offering, obtaining a significant number of units as part of the financing.
What are the terms associated with the warrants?
The warrants included in the units allow holders to purchase shares at $0.15 within a two-year period post-closing.
How does Latin Metals enhance shareholder value?
Latin Metals employs a Prospect Generator model, allowing shareholders exposure to significant mineral discoveries while limiting dilution risks.
What is the strategic outlook for Latin Metals moving forward?
The company is focused on leveraging its recent financing to further its exploration activities and strengthen its asset portfolio in South America.
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