Business
Los Andes Copper Announces Investment By Queen's Road Capital and Appointment of Non-Executive Director
Vancouver, British Columbia--(Newsfile Corp. - May 3, 2021) - Los Andes Copper Ltd. (TSXV: LA)...
About this update from Los Andes Copper Ltd.
[{"type":"text","content":"Los Andes Copper Announces Investment By Queen's Road Capital and Appointment of Non-Executive DirectorVancouver, British Columbia--(Newsfile Corp. - May 3, 2021) - 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. (TSXV: QRC) (\"Queen's Road Capital\") whereby Queen's Road Capital will invest US$5,000,000 in Los Andes by the way of convertible debenture (the \"Convertible Debenture\"). The proceeds from the Convertible Debentures will be used for general corporate purposes. 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$10.82. The interest is payable quarterly, five percent in cash and three percent 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\"). The financing is subject to the satisfaction of customary closing conditions, including but not limited to TSX Venture Exchange (\"TSX-V\") and other regulatory approvals and the completion of due diligence and definitive documentation. The investment is expected to occur in May 2021.In conjunction with the investment, Chairman and CEO of Queen's Road Capital, Warren Gilman, has agreed to be nominated for appointment to the board of directors of the Company at its upcoming shareholder meeting. Fernando Porcile, Executive Chairman of Los Andes, commented:\"We are pleased to have entered into this investment agreement with Queen's Road Capital, and Los Andes is the company's first investment in the copper sector, highlighting the high quality nature of the Vizcachitas Project. \"This investment follows the receipt of unanimous approval for drilling to be carried out at the Vizcachitas Project, which is required to complete the ongoing Pre-Feasibility Study, and I look forward to keeping the market updated with our progress.\" Warren Gilman, Chairman and CEO of Queen's Road Capital, commented: \"Queen's Road Capital is happy that its first investment in the copper sector ...