By Devika Patel
Knoxville, Tenn., July 23 - Los Andes Copper Ltd. announced that it plans a private placement of units for up to C$7.5 million.
The company will sell 15 million units at C$0.50 apiece. Each unit consists of one common share and one warrant. Each warrant is exercisable at C$0.70 for one year.
The deal will be conducted by a syndicate led by Haywood Securities Inc. and including Jennings Capital Inc.
Proceeds will be used to finance ongoing exploration and development of the company's Vizcachitas 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 warrant
|
| Amount: | C$7.5 million
|
| Units: | 15 million
|
| Price: | C$0.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.70
|
| Agents: | Haywood Securities Inc. (lead), Jennings Capital Inc.
|
| Pricing date: | July 23
|
| Stock symbol: | TSX Venture: LA
|
| Stock price: | C$0.47 at close July 23
|
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