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According to a release, the offering was conducted by a syndicate of underwriters. The Corp. also announced the issue and sale of an additional Cdn$3,003,750 of units pursuant to the exercise, in full, of the previously announced over-allotment option granted to the Underwriters to purchase 4,005,000 additional units on the same terms and conditions as the offering. With exercise of the over-allotment option, the aggregate gross proceeds to the Corp. from the offering is Cdn$23,028,750.
Each unit consists of one (1) common share and one half of one common share purchase warrant, each whole warrant is exercisable at Cdn$1.25 for a period of 5 years after closing (each common share issuable upon exercise thereof, a "Warrant Share"). In the event that the volume weighted average trading price of the Corp.'s common shares on the TSX (or such other stock exchange or quotation system on which the Corp.'s shares are listed and where a majority of the trading volume occurs), for a period of 20 consecutive trading days exceeds $2.50, the Corp. may, within five days after such an event, provide notice to the warrant holders of early expiry and thereafter, the warrants will expire on the date which is 30 days after the date of the notice to the warrant holders.
The TSX has accepted the Warrants together with the Common Shares and Warrant Shares for listing.
Minera Andes is a gold, silver and copper exploration company with a 49 percent interest in the San Jose silver-gold mine in Santa Cruz, Argentina. The San Jose mine is owned by Minera Santa Cruz S.A. (MSC), which in turn is owned 49 percent by Minera Andes and 51 percent by Hochschild Mining plc. Hochschild is the operator of the San Jose mine, and exercises total operating control of the mine.
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