By Sheri Kasprzak
New York, Dec. 21 - Minera Andes Inc. said it received an agreement for a private placement of units for C$5,395,159 from investor Robert McEwen.
McEwen subscribed for 15,414,740 units at C$0.35 each.
The units include one share and one half-share warrant. The whole warrants are exercisable at C$0.55 each and expire the earlier of the 15th trading day after Minera Andes receives notice that its stock has traded above C$1.00 per share for more than 20 consecutive trading days or Dec. 20, 2007.
Upon completion, McEwen will hold a 14.2% interest in Minera Andes.
Minera Andes is currently awaiting approval for a second private placement, under which McEwen agreed to buy 13,156,689 units under the same terms.
Canaccord Capital Corp. is the placement agent for both offerings.
Separately, Minera Andes wrapped a non-brokered deal for C$701,639, selling 2,004,685 units at C$0.35 each. The units include one share and one half-share warrant. The whole warrants are exercisable at C$0.55 each for two years.
Proceeds from all of the deals will be used for exploration on the company's Argentine gold, silver and copper projects.
Based in Spokane, Wash., Minera Andes is a silver, gold and copper exploration company.
| Issuer: | Minera Andes Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$5,395,159
|
| Units: | 15,414,740
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | The earlier of 15 trading days after the company's stock trades above C$1.00 for more than 20 consecutive trading days or Dec. 20, 2007
|
| Warrant strike price: | C$0.55
|
| Investor: | Robert McEwen
|
| Placement agent: | Canaccord Capital Corp.
|
| Announcement date: | Dec. 21
|
| Stock price: | C$0.52 at close Dec. 21
|
|
|
| Issuer: | Minera Andes Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$4,604,841
|
| Units: | 13,156,689
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | The earlier of 15 trading days after the company's stock trades above C$1.00 for more than 20 consecutive trading days or Dec. 20, 2007
|
| Warrant strike price: | C$0.55
|
| Investor: | Robert McEwen
|
| Placement agent: | Canaccord Capital Corp.
|
| Announcement date: | Dec. 21
|
| Stock price: | C$0.52 at close Dec. 21
|
|
|
| Issuer: | Minera Andes Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$701,639
|
| Units: | 2,004,685
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.55
|
| Placement agent: | Non-brokered
|
| Settlement date: | Dec. 21
|
| Stock price: | C$0.52 at close Dec. 21
|
|
|
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