Business
Los Andes Copper Announces Closing of Further US$ 5 million Investment by Queen's Road Capital
Vancouver, British Columbia--(Newsfile Corp. - September 2, 2022) - Los Andes Copper Ltd. (TSX...
About this update from Los Andes Copper Ltd.
[{"type":"text","content":"Los Andes Copper Announces Closing of Further US$ 5 million Investment by Queen's Road CapitalVancouver, British Columbia--(Newsfile Corp. - September 2, 2022) - Los Andes Copper Ltd. (TSXV: LA) (\"Los Andes\" or the \"Company\") is pleased to report the closing and funding of the US$5,000,000Convertible Debenture issued to Queen's Road Capital Investment Ltd. (TSX: QRC) (\"Queen's Road Capital\") announced on August 25, 2022.The Convertible Debenture has a five-year term, carries an eight per cent coupon and is convertible into common shares in the capital of the Company (\"Common Shares\") at a share price of C$16.75. The interest is payable quarterly, five per cent in cash and three per cent in shares (at the election of Los Andes), at the 20-day volume weighted average price prior to the interest payment date.The proceeds received from this investment will be allocated towards, expansion drilling at the Vizcachitas copper project in Chile which is expected to commence soon, completion of the Vizcachitas project (\"Vizcachitas\" or the \"Vizcachitas Project\") pre-feasibility study, underway and for general corporate purposes.The Convertible Debentures is subject to a four month hold period under Canadian securities laws expiring on January 3, 2023.R. Michael Jones, CEO of Los Andes, commented: \"Closing this financing allows us to immediately progress the project and target resource growth while completing our Pre-Feasibility Study, (PFS) which is anticipated in Q4 this year. Drilling will commence in the weeks ahead.\"Warren Gilman, Chairman and CEO of Queen's Road Capital, said: \"Queen's Road Capital sees Los Andes Copper as a rare opportunity with 100% owned world class copper asset. We look forward to the next steps in demonstrating the Company value.\"The Company paid an establishment fee equal to 3% of the principal amount of the Convertible Debenture to Queen's Road Capital at closing of the investment. Following closing, the total investment in convertible debentures by Queens Road Capital into Los Andes copper totals US$14,000,000, representing a total number of Common Shares, if converted, of 1,250,462 Common Shares.About Queen's Road Capital Investment Ltd.Queen's Road Capital is a leading financier to the global resource sector. The Company is a resource-focused investment company, making investments in privatel...