TORONTO,
ONTARIO--(Marketwire � August 19, 2008) -
Latin
American Minerals Inc. (TSX VENTURE:LAT) (the "Corporation") is
pleased to report that it has closed its previously announced bought deal
private placement (the �Financing�) with Dundee Securities Corporation and PowerOne Capital Markets Limited (the
"Underwriters").�
The
Corporation has issued 13,378,001 units (the "Units") at a price of
$0.30 per Unit for gross proceeds of $4,013,400.30. Each Unit is comprised of
one common share of the Corporation (a �Common Share�) and one-half of one
common share purchase warrant (each whole warrant, a "Warrant"). Each
Warrant is exercisable for one Common Share at a price of $0.50 per Common
Share exercisable until February 19, 2010.
In
consideration for their efforts, the Underwriters were paid a cash commission
of 5% of the total proceeds raised in the Financing.� In addition, the Underwriters received
underwriters' warrants (the "Underwriters' Warrants") entitling the
holders thereof to purchase in the aggregate 668,901 Units of the Corporation.
Each Underwriters' Warrant is exercisable to acquire
one Unit until February 19, 2010 at a price of $0.30 per Unit.
The
securities comprising the Units and the Underwriters� Warrants are subject to a
statutory hold period that will expire on December 20, 2008.
The
Corporation plans to use the net proceeds from the Financing for working
capital and general corporate purposes.
The
securities offered have not been registered under the U.S. Securities Act of
1933, as amended, and may not be offered or sold in the United States
absent registration or an exemption from the registration requirements. This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of the securities in any State in
which such offer, solicitation or sale would be unlawful.
Latin
American Minerals Inc. is a mineral exploration company focused on the
acquisition and development of mineral projects in under-explored but highly
prospective countries of Latin America.
The
TSXV has not reviewed and does not accept responsibility for the adequacy or
the accuracy of this release.
The statements made in this press release that are not
historical facts contain forward-looking information that involves risk and
uncertainties. All statements, other than statements of historical facts, which
address the Corporation's expectations, should be considered forward-looking
statements. Such statements are based on management's exercise of business
judgment as well as assumptions made by and information currently available to
management. When used in this document, the words "may",
"will", "anticipate", "believe",
"estimate", "expect", "intend" and words of
similar import, are intended to identify any forward-looking statements. You
should not place undue reliance on these forward-looking statements. These
statements reflect our current view of future events and are subject to certain
risks and uncertainties as contained in the Corporation's filings with Canadian
securities regulatory authorities. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove incorrect,
our actual results could differ materially from those anticipated in these
forward-looking statements. We undertake no obligation, and do not intend, to update,
revise or otherwise publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date hereof, or to
reflect the occurrence of any unanticipated events, unless required under
applicable securities laws. Although we believe that our expectations are based
on reasonable assumptions, we can give no assurance that our expectations will
materialize.
CONTACT INFORMATION:
Latin
American Minerals Inc.
David
Wahl
(416)
363-0841
Website:
www.latinamericanminerals.com