AndeanGold Announces $1,200,000 Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/02/12 -- AndeanGold
Ltd. ("the Company" or "AndeanGold") (TSX VENTURE:AAU)(LMA:AAU)
announces a private placement (the "Placement") for the issuance of
up to 12,000,000 units at a price of $0.10 per unit to raise gross
proceeds of up to $1,200,000. The Placement will be on a non-brokered
basis in Canada, and on a brokered basis in South America. Kallpa
Securities SAB ("Kallpa"), based in Lima, Peru, will act as agent to
any units sold to qualified South American investors. Kallpa was the
sponsoring broker to the Company's recent listing on the Lima Stock
Each unit will be comprised of one common share and one-half of one
common share purchase warrant. Each whole warrant will entitle the
holder to purchase one additional common share of the Company for
eighteen months at a price of $0.15 per share.
All securities issued in Canada will be subject to a four-month hold
period from the closing of the Placement. Completion of the Placement
is subject to regulatory approval.
The Company will pay agency fees, commissions and finders' fees with
respect to the Placement, in accordance with applicable securities
laws and the policies of the TSX Venture Exchange.
The proceeds of the Placement will be used principally to fund future
exploration programs on the Company's Urumalqui Project in Peru, as
well as an updated mineral resource estimate and option payment
obligations, and for general working capital purposes.
About AndeanGold Ltd:
AndeanGold Ltd. is engaged in the acquisition, exploration and
potential development of primarily precious metals properties,
principally in Peru and Ecuador. The focus of the Company's
exploration activities is presently in advancing its Urumalqui
Project, as well as pursuing mineral property acquisitions, in Peru.
In Ecuador, the Company's activities have been limited to
administrative and legal matters due to the Mining Mandate issued by
the Ecuador Constituent Assembly on April 18, 2008. In November 2009,
President Correa signed the Mining Regulations into law pursuant to
the requirements of the new Mines Law, which was passed in January
2009. This was the final legal precursor to the re-initiation of
mining development in Ecuador. The Company has been
issued new mining titles under the new Mines law to its three key
Ecuadorian projects and has filed the requisite documents with the
Ministry of Non-Renewable Natural Resources and Ministry of
Environment ("MRNNR") in support of the Company's request to renew
exploration programs on its key projects in Ecuador. In September
2012, the Company received authorization from the MRNNR to renew
exploration programs on its Curiplaya Project.
Please refer to AndeanGold's website at www.andeangoldltd.com for
further information on the Company's projects and activities.
On Behalf of the Board of Directors of ANDEANGOLD LTD.
Anthony F. Ciali, President, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
AndeanGold Ltd. - Corporate Office
Ascenta Capital Partners Inc. - Investor Relations
604.684.4743 ext. 225 or Toll free: 1.866.684.4743 ext. 225
Press spacebar to pause and continue. Press esc to stop.