By Sheri Kasprzak
New York, March 29 - Andina Minerals Inc. said it has upsized to C$17.6 million its previously announced C$15 million private placement.
The company now plans to sell 16 million units at C$1.10 each, a 4.3% discount to the company's closing stock price of C$1.15 on Tuesday.
The units consist of one share and one half-share warrant with each whole warrant exercisable at C$1.50 for two years.
The deal is being placed through a syndicate of agents led by BMO Nesbitt Burns Inc. and including TD Securities Inc. and Haywood Securities Inc.
Proceeds will be used for exploration and development on the company's Volcan project and for requirements related to the company's option to buy 100% of that property.
The deal is scheduled to close April 12.
The placement was announced as a C$15 million offering without terms on March 21.
Based in Toronto, Andina is a mineral exploration company.
| Issuer: | Andina Minerals Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$17.6 million
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| Units: | 16 million
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| Price: | C$1.10
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.50
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| Placement agents: | BMO Nesbitt Burns Inc. (lead), TD Securities Inc., Haywood Securities Inc.
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| Pricing date: | March 28
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| Settlement date: | April 12
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| Stock symbol: | TSX Venture: ADM
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| Stock price: | C$1.15 at close March 28
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