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Los Andes Copper Ltd. (TSXV:LA) has closed the first tranche of its non-brokered private placement announced in its news release dated Dec. 2, 2016, raising $8.04-million.
Los Andes Copper Ltd. (TSXV:LA) has closed the first tranche of its non-brokered private placement announced in its news release dated Dec. 2, 2016, raising $8.04-million.
On Dec. 8, 2016, the company issued 26.8 million units priced at 30 cents per unit. Each unit consists of one common share of the company and one detachable share purchase warrant entitling the holder thereof to purchase one additional common share of the company at a price of 45 cents per warrant share for a period of three years. The unit shares, warrants and warrant shares are subject to a hold period expiring on April 9, 2017.
Turnbrook Mining Ltd., the company’s largest shareholder, subscribed for the 26.8 million units and assigned its 26.8 million warrants to a third party. The sale of the units to Turnbrook constituted a related-party transaction under TSX Venture Exchange Policy 5.9.
The company will continue to accept subscriptions over the coming weeks in respect of the 3.2 million units that remain available for purchase pursuant to the private placement.
The proceeds of the private placement will be used to finance a proposed work program on the company’s Vizcachitas project and for general working capital purposes.
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