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Los Andes Copper Ltd. (TSXV:LA) announced that it intends to raise approximately $2.3 million in total proceeds, including approximately $2,145,000 in gross proceeds from a non-brokered private placement and $145,332 pursuant to shares for debt settlement agreements with five insiders

Los Andes Copper Ltd. (TSXV:LA) announced that it intends to raise approximately $2.3 million in total proceeds, including approximately $2,145,000 in gross proceeds from a non-brokered private placement and $145,332 pursuant to shares for debt settlement agreements with five insiders
As quoted in the press release:

The Company has agreed to sell up to 9,750,000 shares (the “Private Placement Shares”) priced at $0.22 per share in accordance with the terms of the Private Placement. Turnbrook Mining Ltd., the Company’s largest shareholder, has provided the Company with a commitment to purchase its pro rata portion (50.4%) of the Private Placement Shares, and has indicated its willingness to support the Company with additional funds if necessary to help the Company raise the full $2,145,000 in gross proceeds from the Private Placement. The proceeds of the Private Placement will be used to fund the drilling program to be carried out by Terraservice, a world class drilling company, on the Company’s Vizcachitas project and for general working capital purposes.

The Company has also agreed to enter into the Settlement Agreements with Zeitler Holdings Corp. (“ZHC”) and directors Paul Miquel, Francis O’Kelly, Gonzalo Delaveau and Francisco Covarrubias providing that Los Andes will issue common shares of the Company (the “Settlement Shares”) at a deemed price of $0.22 per common share in full and final settlement of amounts owing to each of them. ZHC is the management company of Dr. Klaus Zeitler, the Company’s Chairman. In accordance with the terms of the Settlement Agreements, $85,050 owing to ZHC, which is a substantial portion of the management fees currently outstanding to ZHC, and the amounts of $13,833, $15,333, $15,833, and $15,333, being director’s fees owing to Messrs. Miquel, O’Kelly, Delaveau and Covarrubias, respectively, will be settled through the issue of a total of 660,827 shares in the capital of the Company (the “Settlement Shares”).

 

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