By Laura Lutz
Washington, Feb. 9 - Andina Minerals Inc. announced a private placement of units for C$24 million.
The company sold 8 million units of one share and one half-share warrant at C$3.00 per unit. Each whole warrant will be exercisable at C$4.00 for 30 months.
The deal was underwritten by a syndicate led by BMO Capital Markets and including Haywood Securities Inc.
Proceeds will be used for exploration and resource development at the company's Volcan project, to satisfy requirements related to the company's option to buy the Volcan property, and for the company's other Chilean properties.
Andina is a resource exploration company based in Toronto.
| Issuer: | Andina Minerals Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$24 million
|
| Units: | 8 million
|
| Price: | C$3.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 30 months
|
| Warrant strike price: | C$4.00
|
| Underwriters: | BMO Capital Markets (lead), Haywood Securities Inc.
|
| Pricing date: | Feb. 9
|
| Stock symbol: | TSX Venture: ADM
|
| Stock price: | C$3.60 at close Feb. 8
|
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