Andina Announces Expiry of Successful Bid by Hochschild Mining plc
TORONTO, ONTARIO -- (Marketwire) -- 01/14/13 -- Andina Minerals Inc.
(TSX VENTURE:ADM) ("Andina" or the "Company") announced that
Hochschild Mining plc (LSE:HOCM.L)(LSE:HOC LN) ("Hochschild") through
its wholly owned subsidiary, 1710503 Alberta Ltd. (the "Offeror")
has, since the initial extension of its November 16, 2012 offer (the
"Offer") to acquire all of the outstanding common shares ("Shares")
of Andina for CAD $0.80 per Share in cash on December 28, 2012,
received to date tenders of an additional 5,308,672 Shares. The
Offeror has taken up, and will within the time prescribed by
applicable law, pay for all such additional Shares validly deposited
pursuant to the Offer and not withdrawn prior to 5:00 p.m. (Toronto
time) on January 11, 2013. Shareholders who deposited their Shares to
the Offer will receive payment for such shares as soon as reasonably
possible. After taking up the deposited Shares, Hochschild and its
affiliates now own 117,432,924 Shares, representing 90.84% of the
outstanding Shares on a fully-diluted basis.
Andina understands that, as more than 90% of the Shares sought were
deposited to the Offer, the Offeror intends to acquire all of the
remaining Shares of Andina not deposited under the Offer pursuant to
the compulsory acquisition provisions of the Business Corporations
Act (Alberta) which transaction is expected to close in February
2013. As soon as possible, the Offeror further intends to cause the
Shares to be de-listed from the TSX Venture Exchange and Andina to
cease being a reporting issuer under applicable securities laws.
As a consequence of the successful bid by Hochschild, Mr. Ignacio
Bustamante, President and CEO of Hochschild has been appointed,
effective immediately, as Andina's new President and CEO, replacing
Mr. George Bee who departs Andina.
About Hochschild Mining plc
Hochschild Mining plc is a leading precious metals company listed on
the London Stock Exchange (LSE:HOCM.L)(LSE:HOC LN) with a primary
focus on the exploration, mining, processing and sale of silver and
gold. Hochschild has almost fifty years' experience in the mining of
precious metal epithermal vein deposits and currently operates four
underground epithermal vein mines, three located in southern Peru and
one in southern Argentina. Hochschild also has numerous long-term
projects throughout the Americas.
About Andina Minerals Inc.
Andina's primary focus is mining exploration and development in
Chile. The Company's flagship development project is the 100%-owned
Volcan Gold Project, strategically located in the prolific Maricunga
In addition to Andina's extensive underexplored land position
surrounding Volcan, the Company holds two other mineral properties
located within Chile's primary mining regions.
Forward looking Statements
This announcement contains certain forward looking statements which
may relate to matters such as the business, strategy, investments,
production, major projects and their contribution to expected
production and other plans of Hochschild Mining plc in connection
with the Offer and its current goals, assumptions and expectations
relating to its future financial condition, performance and results.
By their nature, forward looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that will or may occur in the future. Actual results,
performance or achievements may be materially different from any
future results, performance or achievements expressed or implied by
such forward looking statements.
The forward looking statements reflect knowledge and information
available at the date of preparation of this announcement. Except as
required by the Listing Rules and applicable law, Andina Minerals
Inc. does not undertake any obligation to update or change any
forward looking statements to reflect events occurring after the date
of this announcement. Nothing in this announcement should be
construed as a profit forecast.
Neither 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.
Hochschild Mining plc
Head of Investor Relations
+44 (0)20 7907 2934
+44 (0)20 7251 3801
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