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Los Andes Copper Announces Further US$ 5 million Investment by Queen's Road Capital
Vancouver, British Columbia--(Newsfile Corp. - August 25, 2022) - Los Andes Copper Ltd. (TSXV:...
About this update from Los Andes Copper Ltd.
[{"type":"text","content":"Los Andes Copper Announces Further US$ 5 million Investment by Queen's Road CapitalVancouver, British Columbia--(Newsfile Corp. - August 25, 2022) - Los Andes Copper Ltd. (TSXV: LA) (\"Los Andes\" or the \"Company\") is pleased to announce that it has entered into an agreement with Queen's Road Capital Investment Ltd. (TSX: QRC) (\"Queen's Road Capital\") whereby Queen's Road Capital will invest a further US$5,000,000 in Los Andes by way of an additional convertible debenture (the \"Convertible Debenture\").The proceeds received from this capital raise 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. R. Michael Jones, CEO of Los Andes, commented: \"We are very pleased to work with Queens Road Capital and note their steady support of the Company. This financing allows us to continue to progress the project and target resource growth while minimizing dilution to shareholders.\"\"These funds will allow us to continue with the exciting expansion drilling of Vizcachitas with up to five rigs and complete our Pre-Feasibility Study, (PFS) which is anticipated in Q4 this year. The PFS has a backdrop of an industry facing a potential large deficit in copper supply, which is anticipated just around the corner,\" added Jones.Warren Gilman, Chairman and CEO of Queen's Road Capital, commented: \"Queen's Road Capital sees significant opportunity of value recognition of Los Andes Copper since world class copper assets are increasingly rare. Recent volatility has not altered the course that copper is the essential ingredient in the world's drive towards electrification, which is also supported by recent M&A activity in the mining sector.\"The Convertible Debenture will have a five-year term, carry an eight percent coupon and will be 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 percent in cash and three percent in shares (at the election of Los Andes), at the 20-day volume weighted average price prior to the interest payment date.The Company will set aside US $1.05 million in a separate account to provide for the...