Los Andes Seeks to Raise up to $9 Million
Vancouver, British Columbia--(Newsfile Corp. - December 2, 2016) - Los Andes Copper Ltd. (TSXV: LA) ("Los Andes", or the "Company") is pleased to announce that it intends to raise up to $9 million in gross proceeds from a non-brokered private placement (the "Private Placement").
The Company is arranging for the sale of up to 30,000,000 units (the "Units") priced at $0.30 per Unit, with each Unit consisting of one common share of the Company (a "Unit Share") and one detachable share purchase warrant entitling the holder thereof to purchase one additional common share of the Company (a "Warrant Share") at a price of $0.45 per Warrant Share for a period of 3 years. Turnbrook Mining Ltd. ("Turnbrook"), the Company's largest shareholder, has committed to purchase 26,800,000 units for a total amount of $8,040,000.
The proceeds of the Private Placement will be used to fund a proposed work program on the Company's Vizcachitas project and for general working capital purposes.
The Private Placement is subject to acceptance by the TSX Venture Exchange ("TSXV"). The sale of Units to Turnbrook constitutes a related party transaction under TSXV Policy 5.9. The Company intends to close the Private Placement by the end of next week as Turnbrook has advised that its financing commitment is of limited duration.
The Unit Shares and Warrant Shares will be subject to a hold period of four months from the date of issuance of the Units, in accordance with applicable Canadian securities laws.
For more information please contact:
Antony Amberg, President & CEO
Tel: (56-22) 954-0450
Aurora Davidson, Chief Financial Officer
Tel: 604-697-6207
E-Mail: info@losandescopper.com or visit our website at: www.losandescopper.com
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) 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; including, without limitation, the achievement and maintenance of planned production rates, the evolving legal and political policies of Chile, the volatility in the Chilean economy, military unrest or terrorist actions, metal and energy price fluctuations, favourable governmental relations, the availability of financing for activities when required and on acceptable terms, the estimation of mineral resources and reserves, current and future environmental and regulatory requirements, the availability and timely receipt of permits, approvals and licenses, industrial or environmental accidents, equipment breakdowns, availability of and competition for future acquisition opportunities, availability and cost of insurance, labour disputes, land claims, the inherent uncertainty of production and cost estimates, currency fluctuations, expectations and beliefs of management and other risks and uncertainties, including those described in Management's Discussion and Analysis in the Company's financial statements. 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.
