By Devika Patel
Knoxville, Tenn., Feb. 17 - Minera Andes Inc. said it now plans to complete a second tranche of a C$40 million non-brokered private placement for C$21.7 million.
The deal priced on Feb. 9, was revised on Feb. 17 and the company raised C$18.3 million in the first tranche on Feb. 18.
In the first tranche, the company sold 18,299,970 common shares at C$1.00 per share to Robert R. McEwen, a director and existing shareholder.
In the second tranche, McEwen will buy 21,700,030 common shares at C$1.00 per share for C$21.7 million.
The second tranche is in lieu of McEwen assuming the company's $17.5 million bank loan owed to Macquarie Bank Ltd., which he was unable to secure.
Spokane, Wash.-based Minera is a gold, silver and copper exploration company.
| Issuer: | Minera Andes Inc.
|
| Issue: | Common shares
|
| Amount: | C$40 million
|
| Shares: | 40 million
|
| Price: | C$1.00
|
| Warrants: | No
|
| Investor: | Robert R. McEwen
|
| Pricing date: | Feb. 9
|
| Amended: | Feb. 17, Feb. 25
|
| Settlement date: | Feb. 18 (for C$18,299,970)
|
| Stock symbol: | Toronto: MAI
|
| Stock price: | C$0.37 at close Feb. 6
|
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