Non-brokered deal finances drilling program on the Vizcachitas project
By Devika Patel
Knoxville, Tenn., Oct. 5 – Los Andes Copper Ltd. said it raised C$1.32 million in the initial tranche of a C$2.15 million non-brokered private placement of stock on Sept. 28. The deal priced on Sept. 10.
The company is selling 9.75 million shares at C$0.22 each. The price per share is a 29.41% premium to the Sept. 9 closing share price of C$0.17. Los Andes sold 6,018,545 shares in the first tranche.
Proceeds will be used for a drilling program on the Vizcachitas project and for general working capital purposes.
The company also said it plans to raise C$145,332 in a shares-for-debt agreement with Zeitler Holdings Corp. and directors Paul Miquel, Francis O'Kelly, Gonzalo Delaveau and Francisco Covarrubias.
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: | Stock
|
| Amount: | C$2,145,000
|
| Shares: | 9.75 million
|
| Price: | C$0.22
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 10
|
| Settlement date: | Sept. 28 (for C$1,324,080)
|
| Stock symbol: | TSX Venture: LA
|
| Stock price: | C$0.17 at close Sept. 9
|
| Market capitalization: | C$21 million
|
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