By Devika Patel
Knoxville, Tenn., Dec. 31 - Andean American Mining Corp. said it has completed the second and final tranche of a C$5.92 million non-brokered private placement of units, raising C$3.92 million. The deal priced for C$5.01 million on Dec. 10 and was amended on Dec. 18, when the first tranche settled for C$2 million.
In this tranche, Andean sold 6.03 million units. It sold 3,077,000 units in the first tranche and 9,107,000 units total at C$0.65 each. At pricing, Andean American said it would sell up to 7.7 million units at that price.
The units are comprised of one share and one half-share warrant. The whole warrants are exercisable at C$0.85 for two years.
The warrant expiration may be accelerated to 30 days if the company's stock trades at or above C$1.50 for 20 consecutive trading days.
The company paid a finder's fee of 626,990 units; each of these units has the same terms as those sold in the deal. It also issued 716,560 warrants, exercisable at C$0.90 for two years.
Proceeds will be used to advance the company's Invicta project, to cover its subscription for 5 million units in Sinchao Metals' non-brokered private placement announced on Oct. 29 and for general corporate purposes.
Based in Vancouver, B.C., Andean is a gold exploration, mining and development company.
| Issuer: | Andean American Mining Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$5,919,550 (maximum)
|
| Units: | 9,107,000
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.85
|
| Agent: | Non-brokered
|
| Fees: | 626,990 units, 716,560 warrants
|
| Pricing date: | Dec. 10
|
| Upsized: | Dec. 18
|
| Settlement date: | Dec. 18 (for C$2,000,050), Dec. 28 (for C$3,919,500)
|
| Stock symbol: | TSX Venture: AAG
|
| Stock price: | C$0.70 at close Dec. 7
|
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