|By Marketwired .||
|September 5, 2013 11:13 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 09/06/13 -- Latin American Minerals Inc. (TSX VENTURE:LAT)(OTCQX:LATNF) (the "Company") announces the issuance of notes in the aggregate principal amount of CAD$169,150 to certain directors of the Company.
The notes were issued at a purchase price of 94% of the principal amount, generating net proceeds of $159,000, will mature on February 28, 2014, and include a general security interest over the assets of the Company. The Company may repay the principal amount, at its discretion, in whole or in part, at any time prior the maturity date with written notice. The holders of the notes are entitled to an incentive payment not to exceed 10% of any increase in the London Fix PM USD gold price, converted to Canadian dollars, from the issue date of the notes to the repayment date. The note proceeds will be used for general working capital purposes and have received final regulatory approval.
The Company also announces that it has received regulatory approval for a one year extension until September 10, 2014 for 4,983,000 purchase warrants with an exercise price of $0.20 per common share originally scheduled to expire on September 10, 2013, and until October 5, 2014 for 4,700,000 purchase warrants with an exercise price of $0.30 per common share originally scheduled to expire on October 5, 2013.
About the Company
Latin American Minerals Inc. is a mineral exploration company which holds its core projects in Paraguay. The Company currently generates positive cash flow to fully offset operating costs with the sale of gold dore from trench and open pit bulk sampling activities at its fully permitted Independencia Mine pilot plant, located on the large 15,020 hectare Paso Yobai gold project.
The Company has a second important discovery in the region at its Itapoty diamond project where 80 diamonds have been recovered to date. The Company is exploring the 220,000 hectare property for the source rock of the diamonds.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.