Los Andes Closes $6.2 Million Second Tranche of Previously Announced Private Placement
Los Andes Closes $6.2 Million Second Tranche of
Previously Announced Private Placement
Vancouver, British Columbia--(Newsfile Corp. - June 7, 2018) - Los Andes Copper Ltd. (TSXV: LA) ("
Los Andes
", or the
"
Company
") is pleased to announce the closing of the second and final tranche (the "
Second
Tranche
") of its non-brokered
private placement (the "
Private Placement
") announced in its news releases dated April 26, 2018, and May 7, 2018, for gross
proceeds of $6,246,900.
On June 7, 2018, the Company issued 18,930,000 Units (each, a "
Unit
") to Resource Capital Fund VI L.P. ("
RCF VI
") at a price
of $0.33 per Unit. Each Unit consists of one common share of the Company (a "
Unit Share
") and one-half of one transferable
common share purchase warrant (each whole common share purchase warrant, a "
Warrant
"), with each Warrant entitling the
holder thereof to purchase one additional common share of the Company (a "
Warrant Share
") at a price of $0.50 per Warrant
Share for a period of 5 years from the date hereof. The Unit Shares, Warrants and Warrant Shares issued or issuable pursuant
to the Second Tranche are subject to a hold period expiring on October 8, 2018.
In connection with the Second Tranche, RCF VI relinquished to the Company for cancellation 18,930,000 common share
purchase warrants (representing the remainder of the common share purchase warrants issued to RCF VI pursuant to a prior
private placement of the Company completed on December 8, 2016).
The Company intends to use the gross proceeds from the Private Placement, in the aggregate amount of $8.8 million, to
complete its technical work on the Company's Vizcachitas project, with a view to completing an updated resource estimate and
an updated preliminary economic assessment in the coming months, as well as for general working capital purposes.
For more information please contact:
Antony Amberg, President & CEO
Tel:
(56-22) 954-0450
Aurora Davidson, Chief Financial Officer
Tel:
604-697-6207
E-Mail:
or visit our website at:
www.losandescopper.com
Certain of the information and statements contained herein that are not historical facts, constitute "forward-looking
information" within the meaning of the Securities Act (British Columbia) and the
Securities Act
(Alberta) ("Forward
-
Looking
Information").
Forward-Looking Information is often, but not always, identified by the use of words such as "seek", "anticipate",
"believe", "plan", "estimate", "expect" and "intend"; statements that an event or result is "due" or "may", "will", "should",
"could", or "might" occur or be achieved; and, other similar expressions. The Forward-Looking Information in this news
release includes, without limitation, statements in respect of the use of the pr
oceeds of the Private Placement
and
the
completion, and the timing therefor, of an updated resource estimate and preliminary economic assess
ment on the
Vizcachitas project.
Forward-Looking Information involves known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of the Company, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by such Forward-Looking Information; including,
without limitation, the achievement and maintenance of planned production rates, the evolving legal and political policies of
Chile, the volatility in the Chilean economy, military unrest or terrorist actions, metal and energy price fluctuations, favourable
governmental relations, the availability of financing for activities when required and on acceptable terms, the estimation of
mineral resources and reserves, current and future environmental and regulatory requirements, the availability and timely
receipt of permits, approvals and licenses, industrial or environmental accidents, equipment breakdowns, availability of and
competition for future acquisition opportunities, availability and cost of insurance, labour disputes, land claims, the inherent
uncertainty of production and cost estimates, currency fluctuations, expectations and beliefs of management and other risks
and uncertainties, including those described in Management's Discussion and Analysis in the Company's financial
statements.
Such Forward-Looking Information is based upon the Company's assumptions regarding global and Chilean
economic, political and market conditions and the price of metals and energy,
and the Company's production
.
Among the
factors that have a direct bearing on the Company's future results of operations and financial conditions are
changes in
project parameters as plans continue to be refined, a change in government policies, competition, currency fluctuations and
restrictions and technological changes, among other things.
Should one or more of any of the aforementioned risks and
uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any
conclusions, forecasts or projections described in the Forward-Looking Information.
Accordingly, readers are advised not to
place undue reliance on Forward-Looking Information.
Except as required under applicable securities legislation, the
Company undertakes no obligation to publicly update or revise Forward-Looking Information, whether as a result of new
information, future events or otherwise.
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.
Not for distribution to United States Newswire Services or for dissemination in the United States