Los Andes Announces Completion of the Consolidation of the Vizcachitas Property, Closing of Private Placement Financing and Appo
22 Dicembre 2010 - 1:55AM
Marketwired
Los Andes Copper Ltd. ("Los Andes" or the "Company") (TSX VENTURE:
LA)(PINK SHEETS: LSANF) is pleased to announce that the Company has
completed the consolidation of the Vizcachitas property (see the
Company's news releases dated September 29, 2010 and November 30,
2010), and a private placement financing in the amount of
approximately $2.6 million. In addition, Los Andes announces that
Messrs. Eduardo Covarrubias, Pedro Covarrubias and Gonzalo Delaveau
have joined the Company's board of directors.
Consolidation of Vizcachitas
Los Andes has completed the acquisition (the "TBC Transaction")
from Turnbrook Corporation ("TBC") of all of the issued and
outstanding securities of Gemma Properties Group Limited ("GPGL").
GPGL owns 99 of the 100 issued and outstanding shares of
Inversiones Los Patos S.A. ("Los Patos"). The owner of the
remaining share in Los Patos has also transferred that share to Los
Andes. Los Patos is the legal and beneficial owner of 49% of the
issued and outstanding shares of Sociedad Legal Minera San Jose Uno
de Lo Vicuna, El Tartaro y Piguchen de Putaendo (the "SLM"), and
the SLM is the legal and beneficial owner of the mining concessions
(the "SJ Concessions") that form the central portion of the
Vizcachitas property. With the remaining 51% of the SLM which is
already beneficially owned by the Company, the entire resource
contained in the Vizcachitas property is now under unified
ownership, and Los Andes is in a position to take the steps
necessary for the property's ultimate development.
In accordance with the terms and conditions of the TBC
Transaction, Los Andes issued to TBC 35,000,000 common shares in
the capital stock of Los Andes at a deemed price of $0.15 per
share, together with 13,000,000 warrants to purchase Los Andes
common shares, exercisable at a price of $0.15 per share to
December 21, 2013. All shares issued to TBC, including those shares
issuable on exercise of the warrants, are subject to a hold period
from the date of issuance to April 22, 2011.
Closing of Private Placement Offering
Concurrently with the TBC Transaction, Los Andes also closed a
private placement financing (the "Financing") in the amount of
approximately $2.6 million through the issuance of 17,333,333
common shares at a price of $0.15 per share. The shares issued
pursuant to the Financing are also subject to a hold period from
the date of issuance to April 22, 2011. The proceeds from the
Financing will be used for repayment of debt, a final water rights
payment, exploration, advancement of the Company's scoping study
and general working capital purposes (see the Company's Filing
Statement dated November 18, 2010 on www.sedar.com).
Los Andes now has a total of 145,932,599 shares issued and
outstanding. As a result of the completion of the TBC Transaction
and the Financing, TBC holds 37,786,039 Los Andes shares, which
represents 25.89% of the total number of Los Andes shares currently
issued and outstanding. Pursuant to applicable securities
legislation TBC is considered to be a "control person" of Los
Andes.
Corporate - Board of Directors
Los Andes would like to welcome Messrs. Eduardo Covarrubias,
Pedro Covarrubias and Gonzalo Delaveau to the Company's board of
Directors, as nominees of TBC. In order to facilitate the TBC
Transaction, Messrs. Roger Moss, John Nugent and Donald Siemens
have tendered their resignations to the Company's board of
directors. Mr. Roger Moss will continue as President of the
Company. Los Andes thanks Messrs. Nugent and Siemens for their
contributions to the Company and wishes them the best in all future
endeavors.
All transactions contemplated herein are subject to securities
regulatory approvals. The securities of Los Andes Copper Ltd. have
not been registered under the United States Securities Act of 1933,
as amended, or the securities laws of any U.S. State, and may not
be offered or sold in the United States or to any "US Person" (as
defined in Regulation S under the Securities Act of 1933) absent
registration or an exemption from registration.
About Vizcachitas
The Vizcachitas Project offers potential for a low strip, open
pit operation in an area of low elevation with excellent
infrastructure, including water and power in central Chile. The
Vizcachitas deposit occurs in the same metallogenic belt as the
giant copper-molybdenum porphyries Rio Blanco-Los Bronces, Los
Pelambres and El Teniente. Based on 35,255 metres of drilling in
130 diamond drill holes, the project contains an indicated resource
of 515 million tonnes grading 0.39% copper and 0.011% molybdenum
and an inferred resource of 572 million tonnes grading 0.34% copper
and 0.012% molybdenum at a 0.30% copper equivalent cutoff.
Additional information about the Vizcachitas Project is available
in the National Instrument 43-101 Technical Report prepared by AMEC
and filed by the Company on SEDAR on August 29, 2008, and on our
website at www.losandescopper.com.
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release
Contacts: Los Andes Copper Ltd. Michael Kuta Corporate Secretary
604-697-6201 Los Andes Copper Ltd. Roger Moss President
416-516-6050 info@losandescopper.com www.losandescopper.com
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