Oversubscribed deal sells warrants convertible into shares, warrants
By Devika Patel
Knoxville, Tenn., Oct. 29 – Latin American Minerals Inc. said it increased its non-brokered private placement of special warrants to C$1.5 million from C$1 million. The oversubscribed deal priced on Oct. 6 and raised C$719,500 on Oct. 26.
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$1.5 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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Upsized: | Oct. 29
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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$1.16 million
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