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Los Andes Copper Announces Closing of US$4 Million Convertible Debenture
Vancouver, British Columbia--(Newsfile Corp. - April 5, 2022) - Los Andes Copper Ltd. (TSXV: L...
About this update from Los Andes Copper Ltd.
[{"type":"text","content":"Los Andes Copper Announces Closing of US$4 Million Convertible DebentureVancouver, British Columbia--(Newsfile Corp. - April 5, 2022) - Los Andes Copper Ltd. (TSXV: LA) (\"Los Andes\" or the \"Company\") is pleased to report the closing and funding of the US$4,000,000 Convertible Debenture issued to Queen's Road Capital Investment Ltd. (\"Queen's Road Capital\") announced on March 30, 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$19.67. 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\") and general corporate purposesThe Convertible Debentures is subject to a four month hold period under Canadian securities laws expiring on August 5, 2022.R. Michael Jones, CEO of Los Andes, commented:\"We are pleased to close this financing promptly and to move forward with our pre-feasibility study. We are also looking forward to our assay results from completed drilling. Our objective is to announce our drilling results, update the resource model and complete our pre-feasibility study this year. We appreciate the steady support and confidence of Queen's Road Capital.\" About Queen's Road Capital Investment Ltd.Queen's Road Capital Investment Ltd. is a leading financier to the global resource sector. The company is a resource focused investment company, making investments in privately held and publicly traded resource companies. It is intended that the company will acquire and hold securities for long-term capital appreciation, with a focus on convertible debt securities and resource projects in advanced development or production located in safe jurisdictions.Queen's Road Capital Investment Ltd. is listed on the TSX-V under the ticker: QRC.About Los Andes Copper Ltd.Los Andes Copper Ltd. is a development company with a 100% interest in the Vizcachitas Project in Chile. The Company is focused on progressing the Vizcachitas Project, which is located along Chile's most prolific copp...