Proceeds slated for drilling program on the Urumalqui Project in Peru
By Devika Patel
Knoxville, Tenn., May 3 - AndeanGold Ltd. said it raised C$281,100 in the first tranche of a C$1 million non-brokered private placement of units. The deal priced on April 29.
The company is selling 14,285,714 units of one common share and a half-share warrant at C$0.07 per unit. It sold 4,015,712 units in the initial tranche.
Each whole warrant will be exercisable at C$0.12 for 18 months. The strike price reflects a 100% premium to the April 26 closing share price of C$0.06.
Proceeds will be used for a phase 2 drilling program on the company's Urumalqui Project in Peru, option payment obligations and general working capital purposes.
Based in Vancouver, B.C., the company explores and develops precious metals properties in Colombia, Peru and Ecuador.
| Issuer: | AndeanGold Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1 million
|
| Units: | 14,285,714
|
| Price: | C$0.07
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.12
|
| Agent: | Non-brokered
|
| Pricing date: | April 29
|
| Settlement date: | May 3 (for C$281,100)
|
| Stock symbol: | TSX Venture: AAU
|
| Stock price: | C$0.06 at close April 26
|
| Market capitalization: | C$4.43 million
|
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