Latin American Minerals (CVE:LAT)(OTCQX:LATNF) has raised $500,000 from a non-brokered private placement financing, which the company says will be used to complete "detailed geophysical exploration" and to upgrade the pilot plant at its Paso Yobai gold project in Paraguay.
Under the offering, the company issued a total of 5 million units at a price of 10 cents each, with each unit made up of one common share and one share purchase warrant.
Each warrant is good for one additional share at a price of 20 cents until February 4, 2105.
The company said that no commissions or finders' fees were paid in connection with the private placement financing.
In December, the Toronto-based company said it had started geophysical surveys at its Paso Yobai project - making an early start to the 2013 exploration campaign that will see the drilling of multiple geochemical gold targets.
The ground-based geophysical survey, which is expected to take between 2 to 3 months, will initially focus on the X-Mile Trend, prior to moving on to the Discovery Trend and "multiple outlying target areas".
To follow up on the results of the deep target identification program, the company will implement a second phase of exploration with diamond drilling - originally anticipated to start by mid February.
The Paso Yobai project is a 15,020 hectare property with several large gold showings mapped at surface. The two primary gold bearing structures at the site are the 4,500 metre Discovery Trend and the 14,800 metre X-Mile Trend.
More outlying gold zones were also found by the company's work programs, producing a gold system footprint approaching 100 square kilometres in area.
Paso Yobai recently became home to Paraguay’s first gold mine, and Latin American also has three other active projects in the region – one of which is led by a joint venture partner that provides specialized technical resources and financing.
Latin American operates the Independencia Mine pilot plant on the fully permitted mining concession that is part of its larger Paso Yobai property. Operational trials and training began in January last year, and the plant was inaugurated a month later.
The month of May saw the implementation of a second shift at the mine, and in late August, the company announced that it had delivered its first gold doré bar to the Johnson Matthey gold refinery in Brampton, Ontario. Refinery assays indicated the bar contained 166 ounces gold and 47 ounces silver, giving it a rough value of $276,000 at then market prices.
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