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Plata Latina Minerals Corp Announces CAD3,000,000 Bought Deal Private Placement


Friday, 18 Jan 2013 07:37am EST 

Plata Latina Minerals Corp announced that it has entered into an agreement with Canaccord Genuity Corp. (the Underwriter), under which the Underwriter has agreed to buy, on a bought deal private placement basis, 7,500,000 Units of the Company (the Units) at an issue price of CAD0.40 per Unit for gross proceeds to the Company of CAD3,000,000 (the Offering). Each Unit will be comprised of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a Warrant). Each Warrant will entitle the holder to subscribe for one additional common share at an exercise price of CAD0.65 (the Warrant Price) at any time prior to the day that is 24 months from the closing date of the Offering. The net proceeds of the Offering will be for continued drilling on the Company's Naranjillo property where exploration will be focused on establishing continuity along strike of the initial high-grade discovery. Net proceeds will also be used to commence a first phase drill program at the Company's Vaquerias and Palo Alto properties. Vaquerias contains a historical shallow silver mine, on a major structural target, that was abandoned during the Mexican revolution with old workings exhibiting samples of up to 1,340 g/t silver. The Offering is expected to close on or about February 12, 2013. 

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