Latin Metals Provides Update on Strategic Milestones and Investment for 2023

Secures $600,000 in Loans

VANCOUVER, British Columbia, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Latin Metals Inc. ("Latin Metals" or the "Company") - (TSXV: LMS, OTCQB: LMSQF), a leading exploration company focused on mineral discoveries, is pleased to announce significant achievements under its ongoing investor-focused strategy.

Financial Highlights and Option Partner Funding

During the 2023 calendar year, Latin Metals has received non-dilutive investments with a total value of $2,080,220¹, with an additional $792,000² scheduled to be received by the end of the year, for an anticipated total of $2,872,220. The figures outlined here do not include option partner-funded exploration expenditures.

"Our strategic collaborations with mining industry leaders have brought significant investments this year while ensuring minimal equity dilution," commented Keith Henderson, the Company's CEO. "Our prospect generator business model offers a unique proposition to investors, giving them the opportunity to share in our successes without the typical equity dilution risks. We're resolutely focused on unlocking the potential of our assets and creating consistent, long-term value for our shareholders."

Mr. Henderson continued, "We're continuously refining our business model to ensure that our investors experience the potential upsides of mineral discoveries while minimising the common share dilution risks. Through thoughtful execution, our goal is to consistently amplify value and ensure sustainable returns."

Upcoming Milestones and Catalysts

Latin Metals' option partners have submitted drill permit applications for three projects in Argentina. Following receipt of permits, the initiation of drill programs will mark key milestones as Latin Metals' partners explore the potential of the Company's diversified portfolio.  

Securing Future Steps and Minimizing Dilution

To further the Company's objectives and maintain a sound capital base, the Company has secured loans totalling $600,000 (the "Loans"), subject to acceptance by the TSX Venture Exchange. The Company places a high premium on minimizing shareholder dilution, and its recent financing choices, including the Loans, align with its mission to further its corporate goals while safeguarding investor interests. The Loans have a one-year term and bear interest at the rate of 10% per annum compounded annually, payable on the maturity date. The Company has agreed to issue 6,000,000 non-transferable bonus common share purchase warrants to the lenders, each of which warrants will entitle the holder to purchase one common share of the Company for a period of one year at an exercise price of $0.10 per share. The funds available to the Company under the Loans will be used by the Company to pay outstanding liabilities and for general corporate and working capital purposes. All securities issued pursuant to the Loans will be subject to a hold period of four months and one day in Canada from the date of issuance.