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VANCOUVER, Aug. 28, 2014 /CNW/ - Plata Latina Minerals Corporation ("Plata Latina" or the "Company") has closed the non-brokered private placement of 11,230,000 units ("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 ("Share") and one half of one common share purchase warrant ("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'sVeta 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.
About Plata Latina Minerals
Plata Latina Minerals is a Canadian exploration company with a portfolio of five silver-gold properties situated in the prolific Mexican Silver Belt focused on discovering new silver-gold vein districts. The Company is currently concentrating its efforts on its Naranjillo property, located approximately 35 kilometres southeast of the world-class Guanajuato district in Mexico, where Plata Latina's first discovery hole was drilled returning 3,181 g/t silver and 13.28 g/t gold over 10.95 metres. Plata Latina's expertise in the ore horizon concept and extensive experience in Mexico provides a competitive edge for discovery of new districts between old historic deposits. Its highly experienced management team and board are focused on developing its portfolio of high-potential targets and exploring additional value-creation opportunities. The Company trades on the TSX Venture Exchange under "PLA".
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements and other statements that are not historical facts including statements about the intended use of proceeds from the bought deal private placement and planned exploration program. Such forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to vary materially from target results and the results or events predicted in these forward-looking statements. As a result, investors are cautioned not to place undue reliance on these forward-looking statements.
The forward-looking statements contained in this news release are made as of the date of this release. Except as required by applicable law, Plata Latina disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking information reflects the current expectations or belief of the Company based on information currently available and such information is subject to a number of assumptions, risks and uncertainties, including risks related to exploration, uncertainties related to financings; the uncertainties of interpreting exploration results and the other risks associated being a mineral exploration company.
SOURCE Plata Latina Minerals