By Devika Patel
Knoxville, Tenn., Sept. 16 - Andean American Mining Corp. said it completed a C$1.27 million non-brokered private placement of units.
The company sold 4,234,168 units at C$0.30 per unit.
Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.35 for two years.
Proceeds will be used to accelerate the Invicta Project and for working capital and general corporate purposes. A portion of the proceeds will be used toward retirement of a bridge loan.
Based in Vancouver, B.C., Andean is a gold exploration, mining and development company.
| Issuer: | Andean American Mining Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,270,250
|
| Units: | 4,234,168
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
| Agents: | Non-brokered
|
| Settlement date: | Sept. 16
|
| Stock symbol: | TSX Venture: AAG
|
| Stock price: | C$0.32 at close Sept. 15
|
| Market capitalization: | C$25.4 million
|
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