By Devika Patel
Knoxville, Tenn., Dec. 19 - Minera Andes Inc. announced it will conduct a C$35 million private placement of units.
The company will sell 22,580,645 units at C$1.55 apiece. Each unit consists of one common share and a half-share warrant. The whole warrants are exercisable at C$2.00 for two years.
Scotia Capital Inc. will be the agent in Canada while Shoreline Pacific LLC and Casimir Capital LP will be the agents in the United States. They will be paid a 5% cash commission and also receive a number of compensation options equal to 5% of the number of units sold. Each compensation option is exercisable for one unit at C$1.70 for two years.
Proceeds will be used to fund the company's share of the costs at the San Jose project in southern Argentina, as well as for exploration drilling and completing a scoping study at Los Azules and for general corporate purposes.
Spokane, Wash.-based Minera Andes is a gold, silver and copper exploration company.
| Issuer: | Minera Andes Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$35 million
|
| Units: | 22,580,645
|
| Price: | C$1.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.00
|
| Agent: | Scotia Capital Inc., Shoreline Pacific LLC, Casimir Capital LP
|
| Fees: | 5% in cash, 5% in options
|
| Pricing date: | Dec. 19
|
| Settlement date: | Dec. 21
|
| Stock symbol: | Toronto: MAI
|
| Stock price: | C$1.55 at close Dec. 19
|
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