AndeanGold Ltd Announces Increase In $1,200,000 Private Placement And Additional Tranche Closings


Wednesday, 5 Dec 2012 09:00am EST 

AndeanGold Ltd announced that it has increased its previously announced private placement (the "Placement") (news releases of November 2, 2012 and November 15, 2012) from $1,200,000 to $1,271,500 and has closed (the "Closings") two additional tranches of the Placement. The Placement is being made on a non-brokered basis in Canada, and on a brokered basis in South America. Kallpa Securities SAB ("Kallpa"), based in Lima, Peru, is agent for any units sold to qualified South American investors. Kallpa was the sponsoring broker to the Company's recent listing on the Lima Stock Exchange. The first tranche of the Placement closed on November 15, 2012, and involved the issuance of an aggregate of 9,975,000 Units to raise aggregate gross proceeds of $997,500. Pursuant to the Closings, the Company issued an additional 2,500,000 Units on November 30, 2012 to raise aggregate gross proceeds of $250,000 and an additional 240,000 Units on December 3, 2012 to raise aggregate proceeds of $24,000. 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. 

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