AndeanGold Ltd Announces Closing Of First Tranche Of $1,000,000 Private Placement

Friday, 3 May 2013 10:00am EDT 

AndeanGold Ltd announced that it has closed the first tranche of its previously announced $1,000,000 non-brokered private placement (news release of April 29, 2013). Pursuant to Closing, the Company has issued an aggregate 4,015,712 units at a price of $0.07 per Unit to raise aggregate gross proceeds $281,100. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant, each whole such warrant entitling the holder to acquire one additional common share of the Company at a price of $0.12 for a period of eighteen months from the Closing. The Company anticipates that additional tranche closings of the Placement will take place during May 2013. In accordance with securities legislation currently in effect in Canada, the Shares, the Warrants and the Warrant Shares will be subject to a hold period of four months plus one day from the date of closing of the private placement. The proceeds of the Placement will be used principally to fund a Phase II drilling program on the Company's Urumalqui Project in Peru, as well as option payment obligations, and for general working capital purposes. 

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