Latin American Announces Effective Date of Consolidation
December 30, 2015 – Toronto, Ontario – Latin American Minerals Inc. (TSXV: LAT) (the “Company”) is pleased to announce that the consolidation of the common shares of the Company (the “Common Shares”) on the basis of one (1) post-consolidation Common Share for every ten (10) pre-consolidation Common Shares (the “Consolidation”), will become effective on December 31, 2015. The Company has received final acceptance by the TSX Venture Exchange (“TSVX”) to effect the Consolidation. The post-Consolidation Common Shares are expected to begin trading on the TSXV at the opening of market on December 31, 2015, under the existing stock symbol “LAT”. A new CUSIP number has been obtained to replace the previous CUSIP number in order to distinguish the pre-Consolidation Common Shares and the post-Consolidation Common Shares.
Following the Consolidation, the Company will have approximately 11,647,150 Common Shares outstanding. The change in the number of issued and outstanding Common 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 Common Shares.
With respect to the Consolidation, letters of transmittal are being mailed out to the Company’s registered shareholders. All registered shareholders will be required to send their share certificates representing pre-Consolidation Common Shares, along with a properly executed letter of transmittal, to the Company’s registrar and transfer agent, Computershare Investor Services Inc. (“Computershare”), in accordance with the instructions provided in the letter of transmittal. Once a completed letter of transmittal is submitted to Computershare by shareholders, along with their respective certificates representing the pre-Consolidation Common Shares, such shareholders will receive their new post-Consolidation Common Share certificates. Shareholders who hold their Common Shares through a broker, investment dealer, bank or trust company should contact that nominee or intermediary for assistance in depositing their Common Shares in connection with the Consolidation.
Upon completion of the Consolidation, the previously issued 168,559,896 special warrants of the Company, including 11,863,696 special warrants issued to certain finders in lieu of cash, will automatically be exercised into 16,855,989 units (“Units”). Each Unit is comprised of one Common Share and one Common Share purchase warrant of the Company (each a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common 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:
Basil Botha, Chairman
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.