News Column

AndeanGold Announces $600,000 Non-Brokered Private Placement

February 26, 2014



ENP Newswire - 26 February 2014

Release date- 25022014 - Vancouver, B.C. - AndeanGold Ltd. (TSX Venture Exchange: AAU and Bolsa de Valores de Lima: AAU) announces a non-brokered private placement for the issuance of up to 12,000,000 units at a price of $0.05 per unit to raise gross proceeds of up to $600,000.

Each unit will be comprised of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the Company for eighteen months at a price of $0.07 per share.

All securities issued in the private placement will be subject to a four-month hold period from the closing of the private placement. Completion of the private placement is subject to regulatory approval.

The Company will pay finders' fees with respect to the private placement, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

The proceeds of the private placement will be used principally to fund option payments and to initiate work on the Company's plan to develop a small-scale mine on the Urumalqui Project in Peru, 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 exploration and 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 ('MRNNR') and Ministry of Environment in support of the Company's request to renew exploration programs on its key projects in Ecuador. In September 2012, MRNNR approved the Company's application to restart exploration programs on its Curiplaya Au-Cu property.

CONTACT:

Tony Ciali

AndeanGold Ltd.

Tel: 732.940.5487

Email: tciali@andeangoldltd.com

Website: www.andeangoldltd.com

Jamie Mathers

Investor Relations

Tel: 604.218.5460

Email: jsmathers6@gmail.com


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: ENP Newswire


Story Tools