Latin American Minerals to raise C$1.5mln in placing for working capital

Paraguay-focused Latin American Minerals Inc (CVE:LAT) is set to bring in C$1.5mln via a private placing for working capital.

The company will issue up to 20mln units at 7.5 cents each, it said.

Each unit will consist of one share and one purchase warrant, with each warrant entitling the holder to buy one share for 60 months from the closing at 10 cents each.

Latin American Minerals holds its core gold projects in Paraguay.

It is currently expanding its Independencia mine gold processing plant to encompass vat-leach gold recovery from mineralization extracted in open-pit bulk-mining activities at its fully permitted mining concession.

It has also identified exploration targets at Independencia mine and six new gold zones on the company’s adjacent exploration claims for drill testing.

This property package comprises the company’s 15,020-hectare Paso Yobai gold project.

Story by ProactiveInvestors