Los Andes Copper Announces C$10 Million Bought Deal Financing
January 23, 2023
PRESS RELEASE
Not for distribution to U.S. news wire services or dissemination in the United States.
LOS ANDES COPPER ANNOUNCES C$10 MILLION BOUGHT DEAL FINANCING
Vancouver, British Columbia (January 23, 2023) – Los Andes Copper Ltd. (TSXV: LA) (OTCQX: LSANF)
("Los Andes" or the "Company") has announced today that it has entered into an agreement with a
syndicate of underwriters led by BMO Capital Markets, under which the underwriters have agreed to buy
on bought deal basis 800,000 common shares (the “Common Shares”), at a price of $12.55 per Common
Share for gross proceeds of $10 million (the “Offering”). The Company has granted the Underwriters an
option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to
purchase up to an additional 15% of the Offering to cover over-allotments, if any. The offering is expected
to close on or about January 30, 2023 and is subject to Los Andes receiving all necessary regulatory
approvals.
The net proceeds of the offering will be used for advancing the Vizcachitas Project, covering studies and
drilling expenses and for working capital.
The Common Shares will be offered by way of a pros pectus supplement to the short form base shelf
prospectus dated January 9, 2023 in all provinces and territories of Canada, excluding Quebec, and by
way of private placement in the United States.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and
may not be offered or sold in the United States absent registration or an applicable exemption from the
registration requirements. This press release shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful.
About Los Andes Copper Ltd.
Los Andes Copper Ltd. is an exploration and development company with an 100% interest in the
Vizcachitas Project in Chile. The Company is focused on progressing the Project, which is located along
Chile’s most prolific copper belt, into production. Vizcachitas is one of the largest copper deposits in the
Americas not controlled by the majors and the Company believes it will be Chile’s next major copper
mine.
The Project is a copper -molybdenum porphyry deposit, located 120 kilometres north of Santiago, in an
area of very good infrastructure. The Company’s Preliminary Economic Asses sment (the “PEA”),
delivered in June 2019, highlights that the Project has a post tax NPV of $2.7 billion and an IRR of 26.7%,
based on a $3.50 per pound copper price. It also has a Measured Resources of 254.4 million tonnes
having a grade of 0.439% copper and Indicated Resource of approximately 1.03 billion tonnes having a
grade of 0.385% copper. Mineral resources that are not mineral reserves do not have demonstrated
economic viability. Please refer to the technical report dated June 13, 2019, with an effective date of May
10, 2019 and titled “Preliminary Economic Assessment of the Vizcachitas Project”, prepared by Tetra
Tech.
The PEA is preliminary in nature, it includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to them that would enable them to
be categorized as mineral reserves, and there is no certainty that the PEA will be realized.
Los Andes Copper Ltd. is listed on the TSX-V under the ticker: LA.
Qualified Persons
Antony Amberg CGeol FGS, the Company’s Chief Geologist, is the qualified person who has reviewed
and approved the scientific and technical information contained in this news release. The QP has
validated the data by, supervising the sample collection process, through chain of custody records and
inspecting the detailed technical data and quality control and assurance information.
For more information please contact:
Santiago Montt, Interim CEO
Tel: +56 2 2954-0450
Elizabeth Johnson, Investor Relations
E-Mail: [email protected] visit our website at: www.losandescopper.com
Follow us on twitter @LosAndesCopper
Follow us on LinkedIn Los Andes Copper Ltd
Certain of the infor mation and statements contained herein that are not historical facts, constitute
"forward-looking information" within the meaning of the Securities Act (British Columbia), Securities Act
(Ontario) 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" on or "may", "will", "should",
"could", or might" occur or be achieved; and, other similar expressions. More specifically, 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. Such Forward Looking Information includes, without limitation, the proposed use of
proceeds of the Offering, the expected timing of closing of the Offering, the timing of and ability to obtain
TSX-V and other regulatory approvals and the prospects, details related to and timing of the Vizcachitas
Project. 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 Informati on. 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 thi s release.