Lithium Americas Corp. to Raise $1.575 Million for Its Lithium Properties – Via Private Placement
TORONTO, ONTARIO Private Placement — Latin American Minerals Inc. announcess that Lithium Americas Corp.has agreed to issue, on a private placement basis, 10,500,000 common shares at $0.15 per share for gross cash proceeds of $1.575 million for its lithium projects (the “Private Placement” or the “Private Placement Memorandum”).
Lithium Americas holds certain property interests in the lithium brine district of Puna, Argentina (the “Lithium Properties”) acquired from Grupo Minero Los Boros and the Corporation. A more detailed description of the Lithium Properties and their consolidation in Lithium Americas can be found in the Corporation’s June 11, 2009 press release which is available at www.latinamericanminerals.com and on SEDAR.
Following the completion of the Private Placement, the Corporation’s proportional interest in Lithium Americas will be 32%. There is no public market for the shares of Lithium Americas.
PowerOne Capital Markets will act on a best efforts agency basis on the Private Placement. PowerOne is to receive a commission of 8% of the gross proceeds and broker warrants entitling it to acquire such number of common shares as is equal to 10% of the aggregate number of common shares sold by PowerOne in the Private Placement, at a price of $0.15 per common share, for a period of one year following the date Lithium Americas becomes a publicly traded company.
The Private Placement Offering (PPO) is conditional upon due diligence by PowerOne, regulatory review and approval, and other closing conditions.
Latin American Minerals Inc. is a mineral exploration company focused on the acquisition and development of minerals projects in under-explored but highly prospective countries of Latin America.
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