By Laura Lutz
Washington, Feb. 22 - Andover Ventures Inc. arranged a private placement of units for up to C$15 million.
The company plans to sell units of one share and one half-share warrant at C$0.65 per unit. Each whole warrant will be exercisable at C$0.75 for two years.
Up to C$6.5 million of the placement will be brokered by a syndicate co-led by Pacific International Securities Inc. and Leede Financial Markets Inc. The remainder will be non-brokered.
Proceeds will be used to purchase the remaining 50% interest in its Sun property in Alaska, for the company's 2007 work program on that property and for working capital.
Andover is a resource exploration company based in Vancouver, B.C.
| Issuer: | Andover Ventures Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$15 million
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
| Agents: | Pacific International Securities Inc. (lead), Leede Financial Markets Inc. (lead) for up to C$6.5 million; non-brokered for remainder
|
| Pricing date: | Feb. 22
|
| Stock symbol: | TSX Venture: AOX
|
| Stock price: | C$0.68 at close Feb. 21
|
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