By Devika Patel
Knoxville, Tenn., Feb. 9 - Minera Andes Inc. announced it will raise C$40 million in a non-brokered private placement of stock.
The company will sell 121,212,121 common shares at C$0.33 apiece to Robert R. McEwen, a director and existing shareholder.
Settlement is expected Feb. 13.
Of the proceeds, approximately $11.3 million will be applied to fund the corporation's share of the cash call on its San Jose project and $17.5 million will be applied to repay the debt owed to Macquarie Bank Ltd. The balance of the proceeds will be used for general corporate purposes and exploration.
Spokane, Wash.-based Minera is a gold, silver and copper exploration company.
| Issuer: | Minera Andes Inc.
|
| Issue: | Common shares
|
| Amount: | C$40 million
|
| Shares: | 121,212,121
|
| Price: | C$0.33
|
| Warrants: | No
|
| Investor: | Robert R. McEwen
|
| Pricing date: | Feb. 9
|
| Settlement date: | Feb. 13
|
| Stock symbol: | Toronto: MAI
|
| Stock price: | C$0.37 at close Feb. 6
|
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