Plata Latina Minerals (PLA-V) Aug 28, '14 has closed the non-brokered private placement of 11,230,000 units at a price of C$0.10 per Unit for gross proceeds of C$1,123,000. Each Unit comprises of one Plata Latina Common Share and one half of one common share purchase warrant. Each whole Warrant entitles the holder to purchase one additional Share at a price of C$0.25 per Share until August 27, 2016.
The net proceeds from the financing will be used for the next drill program at Naranjillo, where a discovery is already in progress. The drill program has commenced and contemplates six holes (4,750 metres) to optimize orientation of subsequent drilling for resource definition (See Appendix A for plan view). Drilling at Naranjillo, which is located approximately 35 kilometres from Guanajuato and on the same structural trend that hosts Guanajuato's veins, has identified a target having geology identical to that hosting Guanajuato's Veta Madre ore bodies. Planned drilling is therefore set to explore both the Guanajuato Veta Madre-style setting as well as neighbouring veins. Proceeds will also be used for general corporate purposes.
As prescribed by the TSX Venture Exchange and applicable securities laws, the securities (and all underlying securities) issued in the private placement are subject to a four-month hold period expiring December 28, 2014. |
