Deal sells warrants convertible into units of a share and a warrant
By Devika Patel
Knoxville, Tenn., Oct. 26 – Latin American Minerals Inc. said it raised C$719,500 in the first tranche of a C$1 million non-brokered private placement of special warrants. The deal priced on Oct. 6.
The company is selling 100 million special warrants at C$0.01 each. The per-warrant price is identical to the Oct. 5 closing share price. Latin American Minerals sold 71.95 million warrants in the initial tranche.
The special warrants are convertible into units of one common share and one warrant, with each warrant exercisable at C$0.015 for three years. The strike price is a 50% premium to the Oct. 5 closing share price.
The gold explorer is based in Toronto.
| Issuer: | Latin American Minerals Inc.
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| Issue: | Special warrants convertible into units of one common share and one warrant
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| Amount: | C$1 million
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| Special warrants: | 100 million
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| Price: | C$0.01
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| Warrants: | One warrant per unit upon conversion
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| Warrant expiration: | Three years
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| Warrant strike price: | C$0.015
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| Agent: | Non-brokered
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| Pricing date: | Oct. 6
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| Settlement date: | Oct. 26 (for C$719,500)
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| Stock symbol: | TSX Venture: LAT
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| Stock price: | C$0.01 at close Oct. 5
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| Market capitalization: | C$1.09 million
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