Minera Andes Inc. (MNEAF.OB) announced that the company has completed their first closing on a CDN $35 million brokered private placement contract.
As a result, gross proceeds from this contract totaled CDN $21.515 million; the company issued 13,880,645 units at a price of CDN $1.55.
Each unit would consist of one common share and one-half of one common share purchase warrant. One whole common share purchase warrant entitles the holder to purchase one additional common share at an exercise price of CDN $2.00 per share until December 21, 2009.
Minera Andes will use the proceeds to fund the company’s operations and costs at their San José project in southern Argentina. Additionally, proceeds will also be used to fund exploration drilling at the company’s new project in Los Azules.
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