LOS ANDES ANNOUNCES COMPLETION OF $7.5 MILLION PRIVATE PLACEMENT
August 22, 2008
Vancouver, BC – Los Andes Copper Ltd. ("Los Andes", or the "Company", TSX Venture Exchange: LA) is pleased to announce that, further to its news release of July 23, 2008, the Company has completed its $7.5 million private placement. Los Andes sold a total of 15,000,000 units at a price of $0.50 per unit for aggregate gross proceeds of $7,500,000. Each unit issued under the private placement consisted of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share of the Company at a price of $0.70 until August 21, 2009.
A total of 8,830,000 units were sold pursuant to the brokered portion of the private placement led by Haywood Securities Inc. and including Jennings Capital Inc., and 6,170,000 units were sold pursuant to the non-brokered portion of the private placement. In connection with the brokered portion of the private placement, Los Andes paid the Agents' an aggregate commission of 6.5% and issued a total of 350,000 Agents' warrants. Each of the Agents' warrants entitles the holder to acquire one additional common share of the Company at a price of $0.55 until August 21, 2009. Los Andes also paid a 4.5% finder’s fee on a portion of the non-brokered portion of the private placement.
All securities issued as referenced above are subject to a four month hold period expiring December 22, 2008.
The proceeds of the private placement will be used by the Company to finance development activities on the Vizcachitas project in Chile and for general working capital purposes.
This press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
For more information please contact:
Roger Moss, President
This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
|Home | Corporate | Investors | News Archive | Projects | Contact Us||Copyright
Los Andes Copper Ltd. 2014
|Designed and Powered by Blender Media|