AndeanGold Announces Closing of First Tranche of $600,000 Private Placement
28 Febbraio 2014 - 3:00PM
Marketwired
AndeanGold Announces Closing of First Tranche of $600,000 Private
Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 28, 2014) -
AndeanGold Ltd. (TSX-VENTURE:AAU)(LMA:AAU) ("the Company" or
"AndeanGold") is pleased to announce that it has closed (the
"Closing") the first tranche of its previously announced $600,000
non-brokered private placement (the "Placement") (news release of
February 24, 2014). Pursuant to Closing, the Company has issued an
aggregate 11,796,000 units ("Units") at a price of $0.05 per Unit
to raise aggregate gross proceeds $589,800. Each Unit consists of
one common share of the Company (a "Share") and one common share
purchase warrant, each such warrant (a "Warrant") entitling the
holder to acquire one additional common share (a "Warrant Share")
of the Company at a price of $0.07 for a period of eighteen months
from the Closing. The Company anticipates that additional tranche
closings of the Placement will take place during March 2014.
In accordance with securities legislation currently in effect in
Canada, the Shares, the Warrants and the Warrant Shares will be
subject to a "hold period" of four months plus one day from the
date of closing of the private placement.
The Company will pay finders' fees on portions of the first
tranche in the aggregate amount of $39,186 and issue 783,720
warrants, each such warrant entitling the holder to acquire one
additional common share of the Company at a price of $0.07 for a
period of eighteen months from the Closing.
The proceeds of the private placement will be used principally
to fund option payments and to initiate work on the Company's plan
to develop a small-scale mine on the Urumalqui Project in Peru, and
for general working capital purposes.
About AndeanGold Ltd:
AndeanGold Ltd. is engaged in the acquisition, exploration and
potential development of primarily precious metals properties,
principally in Peru and Ecuador. The focus of the Company's
exploration activities is presently in advancing its Urumalqui
Project, as well as pursuing mineral property acquisitions, in
Peru. In Ecuador, the Company's activities have been limited to
administrative and legal matters due to the Mining Mandate issued
by the Ecuador Constituent Assembly on April 18, 2008. In November
2009, President Correa signed the Mining Regulations into law
pursuant to the requirements of the new Mines Law, which was passed
in January 2009. This was the final legal precursor to the
re-initiation of exploration and mining development in Ecuador. The
Company has been issued new mining titles under the new Mines law
to its three key Ecuadorian projects and has filed the requisite
documents with the Ministry of Non-Renewable Natural Resources and
Ministry of Environment ("MRNNR") in support of the Company's
request to renew exploration programs on its key projects in
Ecuador. In September 2012, the Company received authorization from
the MRNNR to renew exploration programs on its Curiplaya
Project.
Please refer to AndeanGold's website at www.andeangoldltd.com
for further information on the Company's projects and
activities.
On Behalf of the Board of Directors of ANDEANGOLD LTD.
Anthony F. Ciali, President, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
AndeanGold Ltd. - Corporate OfficeTony CialiPresident, CEO and
Director732.940.5487tciali@andeangoldltd.comwww.andeangoldltd.comAndeanGold
Ltd. - Investor RelationsJamie
Mathers778.879.5084jsmathers6@gmail.com
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