By Devika Patel
Knoxville, Tenn., Feb. 13 - Minera Andes Inc. announced it raised C$661,850 in the third and final tranche of a private placement of units, raising a total of C$34.26 million. The deal priced Dec. 19 for C$35 million and the company took in C$21.52 million in the first tranche on Dec. 24 and C$12.08 million in the second tranche on Jan. 29.
In this tranche, Minera sold 427,000 units at C$1.55 apiece. It sold 13,880,645 units in the first tranche and 7,793,023 units in the second tranche for a total of 22,100,668 units. It planned to sell 22,580,645 units at pricing.
Each unit consists of one common share and a half-share warrant. The whole warrants are exercisable at C$2.00 for two years.
Scotia Capital Inc. was the agent in Canada while Shoreline Pacific LLC and Casimir Capital LP were the agents in the United States. They received a 5% cash commission and also a number of compensation options equal to 5% of the number of units sold. Each compensation option is exercisable for one unit at C$1.70 for two years.
Proceeds will be used to fund the company's share of the costs at the San Jose project in southern Argentina, as well as for exploration drilling and completing a scoping study at Los Azules and for general corporate purposes.
Spokane, Wash.-based Minera Andes is a gold, silver and copper exploration company.
| Issuer: | Minera Andes Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$34,256,035.40
|
| Units: | 22,100,668
|
| Price: | C$1.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.00
|
| Agent: | Scotia Capital Inc., Shoreline Pacific LLC, Casimir Capital LP
|
| Fees: | 5% in cash, 5% in options
|
| Pricing date: | Dec. 19
|
| Settlement date: | Dec. 21 (for C$21,514,999.75), Jan. 29 (for C$12,079,185.65), Feb. 13 (for C$661,850)
|
| Stock symbol: | Toronto: MAI
|
| Stock price: | C$1.55 at close Dec. 19
|
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