Andina Minerals organizes C$15 million private placement of units

By Sheri Kasprzak

New York, March 21 - Andina Minerals Inc. said it intends to raise C$15 million in a private placement.

The pricing terms of the deal have not yet been determined, but the offering will be placed through a syndicate of agents led by BMO Nesbitt Burns Inc.

The units will include one share and one half-share warrant.

Proceeds will be used for exploration on the company's Volcan project and for the satisfaction of certain requirements related to its option to buy 100% of the property.

Based in Toronto, Andina is a mineral exploration company.

On Monday, the company's stock gained 2 cents to close at C$1.02 (TSX Venture: ADM).

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