December 22, 2015 – Toronto, Ontario – Latin American Minerals Inc. (TSXV: LAT) (the “Company”) announces that shareholders approved, among other things, the consolidation of the outstanding common shares (the “Shares”) of the Company on a minimum of 8 pre-consolidation Shares and a maximum of 10 pre-consolidation Shares for 1 post-consolidation Share at a special meeting of its shareholders today. The directors of the Company have determined to consolidate the Shares on the basis of one (1) post-consolidation Share for every ten (10) pre-consolidation Shares outstanding on the effective date of the consolidation.
Following the consolidation, the Company will have approximately 11,647,150 Shares outstanding. The change in the number of issued and outstanding Shares resulting from the consolidation will not materially affect any shareholder’s percentage ownership in the Company, although such ownership will be represented by a smaller number of Shares. The Company will not be changing its name in connection with the consolidation. The consolidation is subject to the approval of the TSX Venture Exchange.
Upon completion of the consolidation, the previously issued 156,696,200 special warrants of the Company will automatically be exercised into 15,669,620 units (“Units”). Each Unit is comprised of one Share and one Share purchase warrant of the Company (each a “Warrant”). Each Warrant entitles the holder thereof to purchase one Share at a price of $0.15 per Share on or before November 18, 2018.
About the Company
Latin American Minerals Inc. is a mineral exploration company which holds its core gold and diamond projects in Paraguay. The Company is currently expanding its Independencia Mine processing plant to encompass heap-leach gold recovery from mineralization extracted in open pit bulk sampling activities at its fully permitted mining concession.
Management has identified six gold zones for drill testing on the Company’s adjacent exploration claims, which is part of the Company’s 15,020 hectare Paso Yobai gold project.
For more information, please contact:
Toronto: (1-416) 363-0841 or Vancouver: (1-604) 418-3856
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.