- Los Andes Copper (LA) announced a US$5 million investment from Queen’s Road Capital by way of a convertible debenture
- The proceeds received from the investment will fund expansion drilling at the Vizcachitas copper project in Chile
- Queen’s Road Capital is a leading financier to the global resource sector
- Los Andes Copper Ltd. is a development company with a 100-per-cent interest in the Vizcachitas Project in Chile
- Los Andes Copper Ltd. (LA) opened trading at $14.91
Los Andes Copper (LA) has announced a US$5M investment from Queen’s Road Capital Investment (QRC) by way of a convertible debenture.
The proceeds raised will fund expansion drilling at the Vizcachitas copper project in Chile and completing the Vizcachitas project pre-feasibility study.
“We are very pleased to work with Queen’s Road Capital and note their steady support of the company,” stated R. Michael Jones, CEO of Los Andes.
“This financing allows us to continue to progress the project and target resource growth while minimizing dilution to shareholders,” he added.
“Queen’s Road Capital sees significant opportunity of value recognition of Los Andes Copper since world-class copper assets are increasingly rare,” said Warren Gilman, Chairman and CEO of Queen’s Road Capital.
The convertible debenture will have a five-year term, carry an eight-per-cent coupon, and will be convertible into common shares in the company’s capital at a share price of C$16.75.
The interest is payable quarterly, five per cent in cash and three per cent in shares at the 20-day volume weighted average price prior to the interest payment date.
The company will set aside US$1.05 million in a separate account to provide for the cash component of the interest on all three tranches of the debentures for the next 18 months.
Once closed the total investment in convertible debentures by Queens Road into Los Andes copper will total US$14,000,000, representing a total number of shares, if converted, of 1,250,462 shares.
Queen’s Road Capital is a leading financier to the global resource sector.
Los Andes Copper Ltd. is a development company with a 100-per-cent interest in the Vizcachitas Project in Chile.
Los Andes Copper Ltd. (LA) opened trading at $14.91.