Los Andes Copper Announces Election to Issue Common Shares in Satisfaction of US$14 Million Convertible Debenture Interest Payment Obligations
Los Andes Copper Announces Election to
Issue Common Shares in Satisfaction of
US$14 Million Convertible Debenture Interest
Payment Obligations
Vancouver, British Columbia--(Newsfile Corp. - March 1, 2023) - Los Andes Copper Ltd. (TSXV: LA)
(OTCQX: LSANF) ("Los Andes" or the "Company") announces that in accordance with the terms of the
US$5,000,000, US$4,000,000 and US$5,000,000 eight per cent convertible debentures issued to
Queen's Road Capital Investment Ltd. ("Queen's Road Capital") on June 2, 2021, April 4, 2022 and
September 2, 2022 (the "Convertible Debentures"), the Company has elected to issue 11,984 common
shares in the capital of the Company ("Common Shares") at a deemed price of US$8.76 (C$11.75) to
Queen's Road Capital as payment for US$104,979 (C$140,721) in interest owing on the Convertible
Debentures.
Under the terms of the Convertible Debentures, interest is payable quarterly, five per cent in cash and
three per cent in shares, at the greater of: (i) the 20-day volume weighted average price prior to the
interest payment date; or (ii) the Discounted Market Price (as such term is defined in the policies of the
TSX Venture Exchange (the "TSX-V")).
The issuance of the Common Shares as payment for interest owing on the Convertible Debentures is
subject to the terms and conditions of the Convertible Debentures as well as the receipt of all requisite
approvals, including, without limitation, the approval of the TSX-V.
About Queen's Road Capital Investment Ltd.
Queen's Road Capital Investment Ltd. is a leading financier to the global resource sector. The company
is a resource focused investment company, making investments in privately held and publicly traded
resource companies.
It is intended that the company will acquire and hold securities for both long-term capital appreciation
and short-term gains, with a focus on convertible debt securities and resource projects in advanced
development or production located in safe jurisdictions.
Queen's Road Capital Investment Ltd. is listed on the TSX under the ticker: QRC.
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. Vizcachitas is one of the largest copper deposits in the Americas not
controlled by the majors. The Project is a copper-molybdenum porphyry deposit, located 150 kilometers
north of Santiago, in an area of very good infrastructure. An independent technical report for the Pre
Feasibility Study ("PFS") announced on Thursday February 23, 2023, prepared in accordance with NI
43-101, will be available under the Company's SEDAR profile before April 9, 2023.
The Company's Preliminary Economic Assessment (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.
For more information please contact:
Santiago Montt, Interim CEO
Tel: +56 2 2954-0450
Elizabeth Johnson, Investor Relations
E-Mail:
or visit our website at:
www
.
losandescopper
.
com
Follow us on twitter
@LosAndesCopper
Follow us on LinkedIn
Los Andes Copper Ltd
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), 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 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 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/156845