By Sheri Kasprzak
New York, March 13 - Minera Andes Inc. said it concluded its previously announced C$4,604,841 private placement with gold investor Robert McEwen.
McEwen bought 13,156,689 units at C$0.35 each.
The units consist of one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$0.55 each through Dec. 20, 2007.
The expiry of the warrants may be accelerated to 15 days if the company's stock trades above C$1.00 for more than 20 consecutive trading days.
The deal priced on Dec. 21, when the company closed another private placement with McEwen for C$5.4 million.
Proceeds will be used to develop the company's San Josee silver-gold project in southern Argentina. The rest will be used for exploration on the company's Los Azules copper property in west-central Argentina, as well as general corporate purposes.
Canaccord Capital Corp. was the placement agent.
Based in Spokane, Wash., Minera Andes is a silver, gold and copper exploration company.
| Issuer: | Minera Andes Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$4,604,841
|
| Units: | 13,156,689
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Dec. 20, 2007
|
| Warrant strike price: | C$0.55
|
| Investor: | Robert McEwen
|
| Placement agent: | Canaccord Capital Corp.
|
| Pricing date: | Dec. 21
|
| Settlement date: | March 13
|
| Stock symbol: | TSX Venture: MAI
|
| Stock price: | C$0.52 at close Dec. 21
|
| Stock price: | C$0.95 at close March 10
|
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