By Devika Patel
Knoxville, Tenn., Nov. 2 - Los Andes Copper Ltd. announced that it plans a private placement of units to raise up to C$7.5 million.
The company will sell 12 million units at C$0.50 apiece for C$6 million. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.75 for one year. The company also reserves the right to issue another 3 million units on the same terms for an additional C$1.5 million.
Proceeds will be used to finance a drilling program on the company's Vizcachitas copper-molybdenum project in Chile and for general working capital purposes.
Vancouver, B.C.-based Los Andes is an exploration and development company focused on the acquisition, exploration and development of advanced stage copper deposits in Latin America.
| Issuer: | Los Andes Copper Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$6 million to C$7.5 million
|
| Units: | 12 million to 15 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.75
|
| Pricing date: | Nov. 2
|
| Stock symbol: | TSX Venture: LA
|
| Stock price: | C$0.56 at close Nov. 2
|
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