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VANCOUVER, April 9, 2012 /CNW/ - Plata Latina Minerals Corporation ("Plata Latina" or the "Company") is pleased to announce that it has completed its initial public offering (the "Offering") for 6,900,000 common shares (the "Shares") at a price of C$0.50 per Share for gross proceeds of C$3,450,000.
Proceeds from this Offering will be used primarily to execute and support the Company's Phase Three diamond core drill program on its principal 100%-owned Naranjillo property, located in Guanajuato, Mexico. The program consists of 10,000 metres of drilling in addition to a supporting ground-magnetic geophysical survey. Drilling commenced on the property in late March 2012 with one drill on site and is expected to be completed in the third quarter of 2012. Proceeds will also be used for general working capital purposes.
Haywood Securities Inc. acted as the agent of the Offering ("Agent"). The Agent received a cash commission equal to 5% of the gross amount raised in the Offering. In addition, the Agent received an option (the "Agent's Option") to purchase that number of Shares as is equal to 5% of the Shares sold pursuant to the Offering until April 9, 2013 at a price of $0.50 per Share.
Plata Latina's common shares will begin trading on the TSX Venture Exchange under the symbol "PLA" on April 11, 2012.
About Plata Latina Minerals
Plata Latina Minerals is a Canadian silver exploration company currently concentrating its drilling efforts on its 100% owned Naranjillo property which consists of 31,701 hectares and is located in Guanajuato, Mexico. The Company has four additional properties also located in the Mexican Silver Belt which have yet to be explored. Plata Latina's expertise in the ore horizon concept and extensive experience in Mexico provides a competitive edge for discovery of new districts between old historic deposits. Its highly experienced management team and board are focused on developing its portfolio of high-potential targets and exploring additional value-creation opportunities.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements and other statements that are not historical facts including statements about the intended use of proceeds and the listing on the TSX-V. Such forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to vary materially from target results and the results or events predicted in these forward-looking statements. As a result, investors are cautioned not to place undue reliance on these forward-looking statements.
The forward-looking statements contained in this news release are made as of the date of this release. Except as required by applicable law, Plata Latina disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking information reflects the current expectations or belief of the Company based on information currently available and such information is subject to a number of assumptions, risks and uncertainties, including risks related to exploration, uncertainties related to financings; the uncertainties of interpreting exploration results and the other risks associated being a mineral exploration company.
For further information:
Letitia Cornacchia, Vice President, Investor Relations and Corporate Communications
Telephone: +1 416 860 6310
Email: [email protected]