VANCOUVER, British Columbia, Sept. 27, 2024 (GLOBE NEWSWIRE) -- Latin Metals Inc. ("Latin Metals" or the "Company") - (TSXV:LMS) (OTCQB: LMSQF) announces that it has closed its previously announced non-brokered private placement (the "Financing") for aggregate gross proceeds of $2,000,000 through the issuance of 25,000,000 units (each a "Unit") at a subscription price of $0.08 per Unit.
Each Unit consists of one common share in the capital of Latin Metals (each, a "Share") and one half of one common share purchase warrant, with each whole warrant entitling the holder thereof to purchase one Share at a price of $0.15 per Share for a period of 24 months from the closing of the Financing.
In connection with the closing of the Financing, the Company paid finder's fees on a portion of the Financing to Leede Financial Inc. consisting of a $70,350 cash commission and 879,375 finder's warrants, each finder's warrant entitling the holder thereof to purchase one Share at a price of $0.08 per Share for a period of 12 months from the closing of the Financing. All securities issued by the Company pursuant to the Financing are subject to a hold period of four months and one day in Canada.
Certain officers, directors and a control person of the Company (collectively, the "Related Parties") participated in the Financing pursuant to the terms described above, purchasing in aggregate 10,225,000 Units. These constitute related party transactions pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on Sections 5.5(a) and 5.7(1)(a) of MI 61-101 for an exemption from the formal valuation and minority shareholder approval requirements, respectively, as at the closing of the Financing, neither the ...
