adplus-dvertising
Connect with us

Investment

Los Andes Copper receives further US$5M investment from Queen"s Road Capital – Proactive Investors USA

Published

2 years ago

 on


Los Andes Copper Ltd (TSX-V:LA) announced that Queen’s Road Capital Investment Ltd has agreed to invest a further US$5 million in Los Andes by way of an additional convertible debenture.  

The resource project developer said proceeds from the capital raise will be directed towards expansion drilling at the Vizcachitas copper project in Chile, which is expected to begin soon, completion of the Vizcachitas project prefeasibility study that is underway, and for general corporate purposes.

“This financing allows us to continue to progress the project and target resource growth while minimizing dilution to shareholders,” Los Andes Copper CEO R Michael Jones said in a statement.

READ: Los Andes Copper says drilling can resume at Vizcachitas Copper Project after Chilean court decision 

“These funds will allow us to continue with the exciting expansion drilling of Vizcachitas with up to five rigs and complete our prefeasibility study, which is anticipated in 4Q this year,” Jones added.

Los Andes noted the convertible debenture will have a five-year term, carry an 8% coupon, and will be convertible into company common shares at a price of C$16.75 per share.

It added that the interest is payable quarterly, 5% in cash and 3% in shares (at the election of Los Andes), at the 20-day volume weighted average price before the interest payment date.

As well, the company said it will set aside US$1.05 million in a separate account to provide for the cash component of the interest on all three tranches of the debentures for the next 18 months.

The financing is expected to close on September 2, 2022, and will result in Queen’s Road Capital owning a total of US$14 million of convertible debentures in Los Andes Copper, representing 1,250,462 company shares if converted.  

Based in Vancouver, Los Andes Copper is focused on developing its Vizcachitas copper-molybdenum porphyry project in Chile.

Contact Sean at sean@proactiveinvestors.com

Adblock test (Why?)

728x90x4

Source link

Related Topics:
Continue Reading

Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

3 days ago

 on

October 16, 2024

By

 

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

1 week ago

 on

October 11, 2024

By

 

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

Published

1 week ago

 on

October 10, 2024

By

 

TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending