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Queen's Road Capital Announces Investment in Los Andes Copper Ltd.
Hong Kong, Hong Kong--(Newsfile Corp. - May 3, 2021) - Queen's Road Capital Investment Ltd. (...
About this update from Queen's Road Capital Investment Ltd.
[{"type":"text","content":"Queen's Road Capital Announces Investment in Los Andes Copper Ltd.Hong Kong, Hong Kong--(Newsfile Corp. - May 3, 2021) - Queen's Road Capital Investment Ltd. (TSXV: QRC) (the \"Company\" or \"Queen's Road Capital\") is pleased to announce that it has entered into an agreement with Los Andes Copper Ltd. (TSXV: LA) (\"Los Andes\") whereby the Company will invest US$5,000,000 in Los Andes by way of convertible debenture.The convertible debenture will have a 5-year term, carry an 8.0% coupon and will be convertible into Los Andes common shares at a share price of C$10.82, being a 30% premium to the 20-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.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.Warren Gilman, Chairman and CEO of the Company commented: \"Queen's Road Capital is happy that its first investment in the copper sector is in Los Andes Copper. The Vizcachitas project is potentially the most advanced, ready to build copper porphyry project in South America. We look forward to working together with Fernando and his team as they advance Vizcachitas towards production.\"Completion of the investment is subject to receipt of all required regulatory approvals, including the TSXV and is expected to occur in May 2021.Queen's Road Capital 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 and reliable quarterly income, with a focus on convertible debt securities and resource projects in advanced development or production loca...