Los Andes Copper Ltd. (TSX-V: LA) is pleased to announce the closing of the second and final tranche of its non-brokered 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 to Resource Capital Fund VI L.P. at a price of $0.33 per Unit. Each Unit consists of one common share of the Company and one-half of one transferable common share purchase warrant with each Warrant entitling the holder thereof to purchase one additional common share of the Company 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.
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