Business
Los Andes Announces Closing of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - February 16, 2017) - Los Andes Copper Ltd. (TSX...
About this update from Los Andes Copper Ltd.
[{"type":"text","content":"\nLos Andes Announces Closing of Private PlacementVancouver, British Columbia--(Newsfile Corp. - February 16, 2017) - Los Andes Copper Ltd. (TSXV: LA) (\"Los Andes\", or the \"Company\") is pleased to announce that the Company has closed the private placement announced in its News Release dated December 2, 2016. On December 8, 2016, the Company issued 26,800,000 units (the \"Units\") priced at $0.30 per Unit. Each Unit consists of one common share of the Company (a \"Unit Share\") and one detachable share purchase warrant (a \"Warrant\") entitling the holder thereof to purchase one additional common share of the Company (a \"Warrant Share\") at a price of $0.45 per Warrant Share for a period of 3 years. The Unit Shares, Warrants and Warrant Shares are subject to a hold period expiring on April 9, 2017.Turnbrook Mining Ltd. (\"Turnbrook\"), the Company's largest shareholder, subscribed for the 26,800,000 Units and assigned its 26,800,000 Warrants to a third party. The sale of the Units to Turnbrook constituted a related party transaction under TSX Venture Exchange Policy 5.9. The proceeds of the Private Placement will be used to fund a proposed work program on the Company's Vizcachitas project and for general working capital purposes. The Private Placement is subject to acceptance by the TSX Venture Exchange.For more information please contact:Antony Amberg, President & CEO                     Tel: (56-22) 954-0450Aurora Davidson, Chief Financial Officer         Tel: 604-697-6207 E-Mail: [email protected] or visit our website at: www.losandescopper.comCertain of the information and statements contained herein that are not historical facts, constitute \"forward-looking information\" within the meaning of the Securities Act (British Columbia) and the Securities Act (Alberta) (\"Forward-Looking Information\"). Forward-Looking Information is often, but not always, identified by the use of words such as \"seek\", \"anticipate\", \"believe\", \"plan\", \"estimate\", \"expect\" and \"intend\"; statements that an event or result is \"due\" on or \"may\", \"will\", \"should\", \"could\", or might\" occur or be achieved; and, other similar expressions. More specifically, Forward-Looking ...