By Devika Patel
Knoxville, Tenn., July 8 - AndeanGold Ltd. said it has increased a non-brokered private placement of units to C$1.2 million from C$1 million. The deal priced June 10, and the company raised C$682,500 in the first tranche on July 2. The company expects to settle a second tranche in mid-July.
AndeanGold will now sell a total of 24 million units of one common share and one half-share warrant at C$0.05 per unit. It sold 13.65 million units in the initial tranche.
Each whole warrant will be exercisable at C$0.10 for one year.
Proceeds will be used for drilling and general working capital purposes.
Based in Vancouver, B.C., the company explores and develops precious metals properties in Colombia, Peru and Ecuador.
| Issuer: | AndeanGold Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.2 million
|
| Units: | 24 million
|
| Price: | C$0.05
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | June 10
|
| Upsized: | July 8
|
| Settlement date: | July 2 (for C$682,500)
|
| Stock symbol: | TSX Venture: AAU
|
| Stock price: | C$0.06 at close June 9
|
| Market capitalization: | C$1.6 million
|
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