/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER,
Jan. 18, 2013 /CNW/ - Plata Latina
Minerals Corporation ("Plata Latina" or the "Company") has
today 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 C$0.40 per Unit for gross proceeds to the Company
of C$3,000,000 (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 C$0.65 (the
"Warrant Price") at any time prior to the day that is 24 months
from the closing date of the Offering. The Underwriter will also
have the option to purchase up to an additional 1,250,000 Units
(the "Over-Allotment Units") at the issue price for a period of up
to 48 hours prior to the closing date for additional gross proceeds
of up to C$500,000 (the
"Over-Allotment Option").
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*. Plata
Latina is currently ready to mobilize a drill on site and
initial drilling will be focused on establishing continuity below
these old workings and ultimately along the structure. Initial
drilling at Palo Alto will be
focused on exploring potential structures that have been identified
through mapping and surface sampling.
The Offering is expected to close on or about
February 12, 2013 and is subject to
certain conditions including, but not limited to, the receipt of
all necessary approvals including the approval of the TSX Venture
Exchange. All shares issued pursuant to the Offering are
subject to a statutory four-month and one day hold period as
prescribed by the TSX Venture Exchange and applicable securities
laws.
This news release is intended for distribution
in Canada only and is not intended
for distribution to United States
newswire services or dissemination in the
United States. The securities being offered have not,
nor will they be registered under the United States Securities Act
of 1933, as amended, and may not be offered or sold within
the United States or to, or for
the account or benefit of, U.S. persons absent U.S. registration or
an applicable exemption from the U.S. registration requirements.
This release does not constitute an offer for sale of
securities in the United
States.
* Samples from old workings are taken from 1983
Mexican Government Vaquerias Sampling and Report. These results
have not been verified by Plata
Latina or a Qualified Person.
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
approximately 35 kilometres southeast of the world-class
Guanajuato epithermal silver-gold
vein district in Mexico. The
Company's first discovery hole at Naranjillo returned 3,181 g/t
silver and 13.28 g/t gold over 10.95 metres. The Company has four
additional properties also located in the Mexican Silver Belt which
have yet to be drilled. 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. The Company
trades on the TSX Venture Exchange under "PLA".
Neither the TSX Venture Exchange nor the
Investment Industry Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
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 from the bought deal private placement
and planned exploration program. 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.
SOURCE Plata Latina Minerals