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Queen's Road Capital Announces Follow-on Investment in Los Andes Copper Ltd.
Hong Kong, Hong Kong--(Newsfile Corp. - March 30, 2022) - Queen's Road Capital Investment Ltd...
About this update from Queen's Road Capital Investment Ltd.
[{"type":"text","content":"Queen's Road Capital Announces Follow-on Investment in Los Andes Copper Ltd.Hong Kong, Hong Kong--(Newsfile Corp. - March 30, 2022) - Queen's Road Capital Investment Ltd. (TSXV: QRC) (the \"Company\" or \"QRC\") is pleased to announce that it has entered into an agreement with Los Andes Copper Ltd. (\"Los Andes\") (TSXV: LA) whereby the Company will invest an additional US$4,000,000 in Los Andes by way of convertible debenture.The convertible debenture will have the same terms as the 2021 convertible debenture: a 5-year term, carry an 8.0% coupon and will be convertible into Los Andes common shares at a share price of C$19.67, being a 30% premium to the 5-day volume weighted average share price of Los Andes on the TSX Venture Exchange. The interest is payable quarterly, 5.0% in cash and 3.0% in shares at the 20-day volume weighted average price prior to each interest payment date. Use of proceeds will be to complete the Vizcachitas pre-feasibility study.Warren Gilman, Chairman and CEO of the Company commented: \"QRC is delighted to increase its commitment to Los Andes Copper at a time when the need for production of copper to support the transition to a green future has never been greater. In our view, Los Andes Copper's Vizcachitas project is the highest quality, advanced copper porphyry project in South America today.\"Los Andes Copper Ltd. is a Canadian company focused on developing the Vizcachitas copper-molybdenum porphyry project in Chile. The company owns 100% of the Vizcachitas project, one of the largest advanced copper deposits in the Americas. Vizcachitas is to become Chile's next major copper mine. The project is a copper-molybdenum porphyry deposit, located 150 km north of Santiago, in an area of very good infrastructure. The project is currently undertaking a pre-feasibility study.Completion of the investment is subject to receipt of all required regulatory approvals, including the TSXV and is expected to occur in April 2022.About Queen's Road Capital Investment Ltd.Queen's Road Capital is a dividend paying, 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. The Company acquires and holds securities for long-term capital appreciation, with a focus on convertible debt securities and resour...