Los Andes Copper Announces Closing of Further US$ 5 million Investment by Queen's Road Capital

Los Andes Copper Announces Closing of Further US$ 5 million Investment by Queen's Road Capital

Los Andes Copper Ltd. (TSXV: LA) ("Los Andes" or the "Company") is pleased to report the closing and funding of the US$5,000,000Convertible Debenture issued to Queen's Road Capital Investment Ltd. (TSX: QRC) ("Queen's Road Capital") announced on August 25, 2022.

The Convertible Debenture has a five-year term, carries an eight per cent coupon and is convertible into common shares in the capital of the Company ("Common Shares") at a share price of C$16.75. The interest is payable quarterly, five per cent in cash and three per cent in shares (at the election of Los Andes), at the 20-day volume weighted average price prior to the interest payment date.

The proceeds received from this investment will be allocated towards, expansion drilling at the Vizcachitas copper project in Chile which is expected to commence soon, completion of the Vizcachitas project ("Vizcachitas" or the "Vizcachitas Project") pre-feasibility study, underway and for general corporate purposes.

The Convertible Debentures is subject to a four month hold period under Canadian securities laws expiring on January 3, 2023.

R. Michael Jones, CEO of Los Andes, commented: "Closing this financing allows us to immediately progress the project and target resource growth while completing our Pre-Feasibility Study, (PFS) which is anticipated in Q4 this year. Drilling will commence in the weeks ahead."

Warren Gilman, Chairman and CEO of Queen's Road Capital, said: "Queen's Road Capital sees Los Andes Copper as a rare opportunity with 100% owned world class copper asset. We look forward to the next steps in demonstrating the Company value."

The Company paid an establishment fee equal to 3% of the principal amount of the Convertible Debenture to Queen's Road Capital at closing of the investment. Following closing, the total investment in convertible debentures by Queens Road Capital into Los Andes Copper totals US$14,000,000, representing a total number of Common Shares, if converted, of 1,250,462 Common Shares.

About Queen's Road Capital Investment Ltd.

Queen's Road Capital is a leading financier to the global resource sector. The Company is a resource-focused investment company, making investments in privately held and publicly traded resource companies.

It is intended that the Queen's Road Capital will acquire and hold securities for both long-term capital appreciation and short-term gains, with a focus on convertible debt securities and resource projects in advanced development or production located in safe jurisdictions.

Queen's Road Capital Investment Ltd. is listed on the TSX under the ticker: QRC.

About Los Andes Copper Ltd.

Los Andes Copper Ltd. is a development company with a 100% interest in the Vizcachitas Project in Chile. The Company is focused on progressing the Vizcachitas Project, which is located along Chile's most prolific copper belt, into production.

Vizcachitas is a copper-molybdenum porphyry deposit, located 120 km north of Santiago, Chile, in an area of good infrastructure. The National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant report titled "Preliminary Economic Assessment of the Vizcachitas Project" (the "PEA"), dated June 13, 2019, prepared by Tetra Tech, highlights that the Vizcachitas Project has a post-tax NPV (8% discount rate) of approximately USD$1.8 billion and an IRR of 20.77%, based on a USD$3 per pound copper price. The Vizcachitas Project has a Measured Resource of 254.4 million tonnes at a grade of 0.439% copper and an Indicated Resource of approximately 1.03 billion tonnes at a grade of 0.385% copper. The PEA can be found on the Company's SEDAR profile at www.sedar.com.

The PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.

Los Andes Copper Ltd. is listed on the TSX-V under the ticker: LA.

Qualified Persons

Antony Amberg CGeol FGS, the Company's President and CEO, is the qualified person under NI 43-101 who has reviewed and approved the scientific and technical information contained in this news release.

For more information please contact:

R. Michael Jones , P.Eng CEO
rmj@losandescopper.com
Tel: +44 203 4407982

BlytheRay, Financial PR
Megan Ray
Rachael Brooks
Tel: +44 207 138 3203

E-Mail: info@losandescopper.com or visit our website at: www.losandescopper.com
Follow us on twitter @LosAndesCopper
Follow us on LinkedIn Los Andes Copper Ltd

Certain of the information and statements contained herein that are not historical facts, constitute "forward-looking information" within the meaning of the Securities Act (British Columbia), Securities Act (Ontario) and the Securities Act (Alberta) ("Forward-Looking Information"). Forward-Looking Information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend"; statements that an event or result is "due" on or "may", "will", "should", "could", or might" occur or be achieved; and, other similar expressions. More specifically, Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such Forward-Looking Information. Such Forward-Looking Information includes, without limitation, the use of proceeds from the issuance of the Convertible Debenture. Such Forward-Looking Information is based upon the Company's assumptions regarding global and Chilean economic, political and market conditions and the price of metals and energy, and the Company's production. Among the factors that have a direct bearing on the Company's future results of operations and financial conditions are changes in project parameters as plans continue to be refined, a change in government policies, competition, currency fluctuations and restrictions and technological changes, among other things. Should one or more of any of the aforementioned risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the Forward-Looking Information. Accordingly, readers are advised not to place undue reliance on Forward-Looking Information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise Forward-Looking Information, whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135822

News Provided by Newsfile via QuoteMedia

LA:CA
Los Andes Copper

Los Andes Copper Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Los Andes Copper (TSXV:LA)

Los Andes Copper


Keep reading...Show less
Los Andes Copper Notes Recently Reported Share Sales by Resource Capital Fund

Los Andes Copper Notes Recently Reported Share Sales by Resource Capital Fund

Los Andes Copper Ltd. (TSXV: LA) (OTCQX: LSANF) ("Los Andes" or the "Company") announces today information which came to the attention of the Company yesterday concerning its second-largest shareholder, Resource Capital Fund VI L.P. ("RCF") and which has been the subject of inquiries from a number of shareholders.

Based on insider reports filed by RCF on September 10, 2024, the Company has learned that RCF sold common shares of the Company ("Los Andes Shares") from its holdings over 19 trading days between July 23, 2024 and September 9, 2024. The Company understands that, prior to these share sales, RCF held a direct interest in the Company of approximately 13.6%, and also an indirect beneficial ownership in Los Andes Shares through its equity interest in the Company's largest shareholder, Turnbrook Mining Limited, of approximately 9%.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Chile Day Paris

Chile Day Paris

Los Andes Copper Ltd. (TSXV: LA) (OTCQX: LSANF) ("Los Andes" or the "Company") is pleased to announce that its CEO, Santiago Montt, has been invited by the Government of Chile to participate today as a panelist at the Chile Day Paris.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Los Andes Copper Announces Corporate Update

Los Andes Copper Announces Corporate Update

Los Andes Copper Ltd. (TSXV: LA) (OTCQX: LSANF) ("Los Andes" or the "Company") is pleased to provide a corporate update.

Desala Petorca SPA ("Desala Petorca") announced on August 23, 2024 a strategic alliance and investment with Colbún S.A. ("Colbún"). Desala Petorca is a desalination project located on the coast of the Petorca Province, V Region ("Desalination Project"), designed to be a multi-client supplier of desalinated water. Desala Petorca is key to guaranteeing water security in the Petorca Province, one of the areas in Chile most affected by decade-long droughts.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Los Andes Copper Ltd. Announces Board Change

Los Andes Copper Ltd. Announces Board Change

Los Andes Copper Ltd. (TSXV: LA) (OTCQX: LSANF) ("Los Andes" or the "Company"), announces that Non-Executive Director, Warren Gilman, is stepping down from the Board due to other business commitments. Warren will become a Senior Advisor to the Board and remains actively supportive of the Company.

Eduardo Covarrubias, Chairman of Los Andes, commented: "We would like to thank Warren for his invaluable support and time on the Board over the past three years. We are delighted that he has agreed to remain as a key Senior Advisor to the Board allowing us to continue to benefit from his extensive experience and backing."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Los Andes Copper Ltd. Announces Issuance of Stock Options to Management

Los Andes Copper Ltd. Announces Issuance of Stock Options to Management

Los Andes Copper Ltd. (TSXV: LA) (OTCQX: LSANF) ("Los Andes" or the "Company") announces the issuance of a total of 40,000 options to management of the Company in accordance with the Company's Stock Option Plan. In line with the progress of the Company's Vizcachitas project, the options are exercisable at a price of $15.00 and have an expiration date of December 30, 2026.

Santiago Montt, CEO of Los Andes, commented: "The delivery of the Pre-Feasibility Study in 2023, which demonstrated a technically and economically robust project as well as highlighting a number of potential optimisations, was a major milestone for the Company.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Ramp Metals Announces Receipt of Exploration Permit and Commencement of 2024/25 Gold Exploration Campaign

Ramp Metals Announces Receipt of Exploration Permit and Commencement of 2024/25 Gold Exploration Campaign

Ramp Metals Inc. (TSXV: RAMP) ("Ramp Metals" or the "Company") is pleased to announce the receipt of necessary permits to continue exploration at the Company's Rottenstone SW project. The Company will focus on its Ranger target where 73.55 gt Au over 7.5m was discovered. Mobilization of the field crew for the mapping and sampling program will occur on October 7, 2024.

"The Ramp Metals team hit a world class gold intercept after only one exploration season on site. Historically, the Rottenstone SW property has not been explored in detail. Saskatchewan is very underexplored in general, which shows the potential for a new gold district. The team will use the data from this mapping and sampling program to help prioritize areas for drill targeting," commented Jordan Black, CEO and Director of Ramp Metals Inc.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Red Metal Resources Announces Grant of Stock Options

Red Metal Resources Announces Grant of Stock Options

Red Metal Resources Ltd. (CSE: RMES) (OTC Pink: RMESF) (FSE: I660) ("Red Metal" or the "Company") announces the grant of stock options pursuant to the Company's stock option plan to directors, officers, management company employees, and consultants of the Company to purchase up to an aggregate of 1,200,000 common shares at an exercise price of $0.12 per common share. Pursuant to the terms of the option agreements, 1,200,000 options will vest immediately and will expire two years from the date of grant.

The common shares issuable upon the exercise of the options granted to directors and officers will not be subject to a customary hold period, as permitted by prospectus exemption 2.24 of NI 45-106 in regard to the issuance of the options.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Canadian Critical Minerals Receives Offer to Purchase Interest in Thierry Mine Project

Canadian Critical Minerals Receives Offer to Purchase Interest in Thierry Mine Project

Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) ("CCMI" or the "Company") hereby reports that QC Copper and Gold (TSXV: QCCU) (QCCUF) ("QC Copper") has made an offer to purchase all the outstanding shares of Cuprum Corp. ("Cuprum") in an all-share deal (the "Acquisition"). Cuprum is a private company (formerly Pickle Lake Minerals Inc.) which owns 100% of the Thierry Mine project ("Thierry"). CCMI currently owns 29.9% of Cuprum and is the second largest shareholder. QC Copper currently owns 7.7% of Cuprum. Following the proposed transaction, CCMI's ownership of QC Copper would be 10.4%. This Acquisition, if completed, will establish QC Copper as one of the largest resource developers in Canada, with two multi-billion pound copper deposits in Quebec and Ontario.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Vertex Minerals Limited  Acquires Drill Rig to Advance Exploration, at the High-Grade Reward Gold Mine, Below the Existing Resource

Vertex Minerals Limited Acquires Drill Rig to Advance Exploration, at the High-Grade Reward Gold Mine, Below the Existing Resource

Sydney, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX) (OTCMKTS:VTXXF) is pleased to report the acquisition of a Boart Longyear LM90 underground drill rig, in line with its stated strategy to advance exploration drill works at the high-grade Reward gold mine.

HIGHLIGHTS

- Vertex has acquired a Boart Longyear LM90 underground drill rig to advance exploration at the Reward gold mine below the existing resource

- The Vertex team are planning diamond drill programs for the following:

o Below the current JORC-2012 Reward Resource (see drill collar locations on Figure 1), with the aim of expanding upon the existing resource

o Fosters Exploration Target, and the South Star prospect area

- Acquisition of the LM90 follows an extensive review of the mineralisation potential below the Reward resource, which has only been drilled up to 50m below the Amalgamated Adit. This area targeted is referred to as the 'Reward mid depths' as it is located just 80m to ~200m below the Amalgamated Adit. Refer to figure 1*

- Upon commissioning of the LM90 drill rig, Vertex have planned eight drill holes to target the high-grade Fosters Exploration target

- The LM90 has several advantages well-suited to Vertex's requirements, including:

o The ability to work on surface and underground

o Safe, Semi-automated, with a rod-handler system which allows for less manual handling

o Allows greater flexibility in drilling over a number of resource and exploration areas

o LM 90 rigs are well-established in the industry as safe and reliable underground drill rigs

- Vertex acquiring its own rig has many advantages

o Per-metre drill costs will be significantly less than hiring an external drill contractor

o More control and accuracy over precision of drilling.

o Works well with Job sharing

o Reduces pressure on Mining crew to have drill cuddy availability

o The LM90 rig will be accounted for as an asset on the Vertex balance sheet

Executive Chairman, Roger Jackson, commented: "The acquisition of the LM90 was completed on attractive commercial terms, and followed an extensive review process by the field operations team to acquire a rig that was fit-for-purpose to advance our broader exploration strategy. This is an important development for Vertex and we're excited to get started with targeted drill works that have the potential to unlock significant value from the project. Our analysis has shown that it is significantly cheaper, safer and more practical to drill the Reward mine from underground, which is exactly what the LM 90 allows us to do. With an extensive framework of priority drill targets already set out, we look forward to advancing exploration and building on what is already an exciting resource at the Reward mine."

LONGYEAR LM90 UNDERGROUND DRILL RIG - KEY FEATURES

The LM90 has several attributes which will provide flexibility for on-site drilling operations, where Vertex will be able to maintain drill sites with the Company's own underground mining crew. The deployment of the LM90 also means Vertex does not have to pay stand-down time or mobilisation fees, and its drillers can be assigned to other jobs.

1. REVERSIBLE FEED CYLINDER

The feed cylinder is reversible which increases up-hole drilling capacity.

2. SEMI-AUTOMATED ROD HANDLING

Semi-automated rod handler (optional) makes handling of rods safer and easier.

3. HIGH TORQUE BREAKOUT

Automated high torque breakout device breaks most rod joints automatically.

4. FAIL SAFE ROD CLAMP

Hydraulic open and spring close rod clamp resultsin failsafe operation.

5. LOAD SENSING HYDRAULICS

Load sensing hydraulics maximize efficiency and reduce heat.

6. PROPORTIONAL CONTROLS

Proportional controls and lock levers provide optimum control of rpm and feed.

7. DIRECT COUPLED FEED FRAME

Direct coupled feed frame resultsin lower maintenance and smoother feed transmission

Combined Mineral Resource Estimate (MRE) for the Reward gold deposit at Hill End stands at 419,000 tonnes at 16.72g/t Au for 225,200oz Au (VTX Announcement 21 June 2023)

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/8DG26OB8



About Vertex Minerals Limited:  

Vertex Minerals Limited (ASX:VTX) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.



Source:
Vertex Minerals Limited

News Provided by ABN Newswire via QuoteMedia

Keep reading...Show less
Dore Copper Mining Corporation to Present at the Battery and Precious Metals Virtual Investor Conference October 1st

Dore Copper Mining Corporation to Present at the Battery and Precious Metals Virtual Investor Conference October 1st

Dore Copper Mining Corporation (TSXV: DCMC; OTCQB: DRCMF; FRA: DCM), based in Toronto, focused on developing its high-grade copper assets, today announced that Ernest Mast, President and CEO, will present live at the Battery and Precious Metals Virtual Investor Conference, hosted by VirtualInvestorConferences.com, on October 1, 2024.

DATE : October 1 st
TIME: 9:30 AM ET
LINK: https://bit.ly/3z584tW
Available for 1x1 meetings: October 1-3

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Aston Bay and American West Metals Report 22.9m @ 8.5% Cu Intersected at the Storm Project, Nunavut, Canada

Aston Bay and American West Metals Report 22.9m @ 8.5% Cu Intersected at the Storm Project, Nunavut, Canada

Drill results outside of known mineralization confirm the expansion potential

Cyclone resource upgrade and expansion:

News Provided by ACCESSWIRE IA via QuoteMedia

Keep reading...Show less
Los Andes Copper

Los Andes Copper Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×