Business
Los Andes Copper Announces Closing of the US$5 Million Convertible Debenture
Vancouver, British Columbia--(Newsfile Corp. - June 3, 2021) - Los Andes Copper Ltd. (TSXV: LA...
About this update from Los Andes Copper Ltd.
[{"type":"text","content":"Los Andes Copper Announces Closing of the US$5 Million Convertible DebentureVancouver, British Columbia--(Newsfile Corp. - June 3, 2021) - Los Andes Copper Ltd. (TSXV: LA) (\"Los Andes\" or the \"Company\") is pleased to report the closing and funding of the US$5,000,000 Convertible Debenture issued to Queen's Road Capital Investment Ltd. (\"Queen's Road Capital\") announced on May 3, 2021.The Convertible Debenture will have a five-year term, carry an eight per cent coupon and will be convertible into common shares in the capital of the Company (\"Common Shares\") at a share price of C$10.82. The interest is payable quarterly, five per cent in cash and three per cent in shares, at the 20-day volume weighted average price prior to the interest payment date.The proceeds received from this investment will be allocated towards the completion of the Vizcachitas project (\"Vizcachitas\" or the \"Vizcachitas Project\") pre-feasibility study (\"Pre-Feasibility Study\").In accordance with National Instrument 45-102 - Resale of Securities, unless permitted under securities legislation, Queen's Road Capital must not trade the Convertible Debenture before October 3, 2021. Fernando Porcile, Executive Chairman of Los Andes, commented:\"Since the start of the year we have accomplished a number of achievements at Vizcachitas which have had a positive impact on the delivery of the Pre-Feasibility Study, and we are excited to have completed the investment by Queen's Road Capital. The metallurgical testwork carried out has confirmed a copper recovery of 91.4% and the production of a high-quality clean concentrate. The awarding of the environmental approvals will allow us to complete the required drilling programmes, which could potentially prove an extension of the higher-grade mineralisation to the north of the Vizcachitas Project. \"The transaction with Queen's Road Capital highlights the support for the Company and our Vizcachitas Project, and is another positive step forward in its development. The funds will be used to advance the final work programmes of the Pre-Feasibility Study, that will showcase the attractive potential of the Project and contribute to the growing demand for copper as economies transition to green technologies. \"On behalf of the Company, I look forward to delivering the completed Pre-Feasibility Study and will keep the ...