Latin Metals Closes $3.1 Million First Tranche of Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
NR19‐05 June 21, 2019
Vancouver, B.C. – Latin Metals Inc. ("Latin Metals" or the "Company") ‐ (TSXV: LMS) (OTCQB: CTMID) announces that it has closed the first tranche of its non‐brokered private placement announced on April 30, 2019 (the "Financing"). In connection with the closing of the first tranche of the Financing, the Company issued a total of 24,798,000 shares (each, a "Share"), priced at $0.125 per Unit for gross proceeds of $3,099,750. The Company expects to close the second and final tranche of the Financing in the coming weeks.
In connection with the closing of the Financing, the Company paid finders fees on a portion of the Financing to Leede Jones Gable ($66,937.50 and 535,500 finder’s warrants) and Haywood Securities Inc. ($42,175.00 and 337,400 finder’s warrants), consisting of a cash commission equal to 7% of the gross proceeds raised by each finder and finder’s warrants equal to 7% of the corresponding number of Shares issued. Each finder’s warrant entitles the holder thereof to purchase one common share of Latin Metals for $0.125 for a period of 12 months from the closing of the Financing (each a “Finder’s Share”). The Shares and Finder’s Shares are subject to a hold period of four months and one day in Canada. The Company intends to use the proceeds of the Financing to fund exploration at existing projects, to acquire additional projects and for general working capital purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States, or in any jurisdiction in which such an offer or sale would be unlawful. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any United States state securities laws, and may not be offered or sold in the United States or to the account or benefit of a "U.S. person" (as defined in Regulation S under the 1933 Act) or a person in the United States absent registration or an applicable exemption from the registration requirements.
About Latin Metals
Latin Metals is a mineral exploration company acquiring a diversified portfolio of assets in South America. The Company operates with a Prospect Generator model focusing on the acquisition of prospective exploration properties at minimum cost, completing initial evaluation through cost‐ effective exploration to establish drill targets, and ultimately securing joint venture partners to fund drilling and advanced exploration. Shareholders are exposed to the upside of a significant discovery without the dilution associated with funding the highest‐risk drill‐based exploration.
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Among the Company’s asset portfolio, key assets include the Organullo Gold project; a 100%‐ owned property in which Yamana Gold Inc. are earning an initial 70% interest through various work commitments and cash payments (for additional details, see news release dated October 22, 2018).
On Behalf of the Board of Directors of
LATIN METALS INC.
“Keith Henderson”
President & CEO
For further details on the Company readers are referred to the Company's web site (www.latin‐ metals.com) and its Canadian regulatory filings on SEDAR at www.sedar.com.
For further information, please contact:
Keith Henderson
Suite 2300 1177 West Hastings Street Vancouver, BC, V6E 2K3
Phone: 604‐638‐3456 E‐mail: 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.
Cautionary Note Regarding Forward‐Looking Statements
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, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, the change of the Company's corporate name, the expected effective date of the Consolidation and the expected outstanding Shares after the completion of the Consolidation and 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", "will", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "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 statements. Such risks and other factors include, among others, actual results of exploration activities, the fact that the Company's interests in its mineral properties are only options and there is no guarantee that the interests, if earned, will be certain, requirements for additional capital, future prices of precious metals, copper‐gold and lithium, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, other risks of the mining industry, the inability to obtain any necessary governmental and regulatory approvals (including TSXV approval of the name change and the Consolidation), changes in laws, regulations and policies affecting mining operations, hedging practices and currency fluctuations, as well as those factors discussed under the heading "Risks and Uncertainties" in
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the Company's most recent management's discussion and analysis and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward‐looking statements. Except as otherwise required by law, the Company undertakes no obligation to update any of the forward‐looking information in this news release or incorporated by reference herein.
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