Vancouver, British Columbia–(Newsfile Corp. – May 31, 2022) – Los Andes Copper Ltd. (TSXV: LA) (OTCQX: LSANF) (“Los Andes” or the “Company”) announces that, pursuant to the terms of the US$5,000,000 8% convertible debenture issued to Queen’s Road Capital Investment Ltd. (“Queen’s Road Capital”) on June 2, 2021 (the “Convertible Debenture”) and the terms of an indenture entered into between the Company and Computershare Trust Company of Canada dated June 2, 2021 (the “Indenture of Trust”), the Company elected to issue 3,260 common shares in the capital of the Company (“Common Shares”) at a deemed price of US$11.50 (C$14.77) to Queen’s Road Capital in payment of US$37,490 (CA$48,161) of interest due on the convertible debenture.
Pursuant to the Indenture, interest on the Convertible Debenture is payable quarterly, five percent in cash and three percent in stock, at the greater of: (i) the 20-day volume-weighted average price before interest payment Date; or (ii) the current market price (as that term is defined in the policies of the TSX Venture Exchange (“TSX-V”)).
The issuance of the Common Shares as payment of interest due on the Convertible Debenture is subject to the terms of the Indenture and the receipt of all required approvals, including, without limitation, the TSX-V Approval.
About Queen’s Road Capital Investment Ltd.
Queen’s Road Capital Investment Ltd. is a leading financier of the global resource sector. The Company is a resource-based investment company, which invests in private and publicly traded resource companies.
The Company is expected to acquire and hold securities for long-term capital appreciation and short-term gains, with an emphasis on convertible debt securities and resource projects in advanced development or in production located in safe jurisdictions.
Queen’s Road Capital Investment Ltd. is listed on the TSX Venture Exchange under the symbol: QRC.
About Los Andes Copper Ltd.
Los Andes Copper Ltd. is an exploration and development company with a 100% interest in the Vizcachitas project in Chile. The Company is focused on advancing the project, which is located along Chile’s most prolific copperbelt, to production. Vizcachitas is one of the largest copper deposits in the Americas not controlled by the majors and the Company believes it will be Chile’s next big copper mine.
The project is a copper-molybdenum porphyry deposit, located 120 kilometers north of Santiago, in an area with very good infrastructure. The Company’s Preliminary Economic Assessment (the “PEA”), delivered in June 2019, highlights that the project has an after-tax NPV of $2.7 billion and an IRR of 26.7%, based on a copper price of $3.50 per pound. It also has measured resources of 254.4 million tonnes grading 0.439% copper and indicated resources of approximately 1.03 billion tonnes grading 0.385% copper. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Please refer to the technical report dated June 13, 2019, with an effective date of May 10, 2019 and titled “Preliminary Economic Assessment of the Vizcachitas Project”, prepared by Tetra Tech.
The PEA is preliminary in nature, it includes Inferred Mineral Resources that are considered too geologically speculative to have the economic considerations applied to them that would allow them to be classified as Mineral Reserves, and there is no certainty that the PEA will be realized.
Los Andes Copper Ltd. is listed on the TSX Venture Exchange under the symbol: LA.
Antony Amberg CGeol FGS, the Company’s Chief Geologist, is the Qualified Person who has reviewed and approved the scientific and technical information contained in this press release. The qualified person validated the data by overseeing the sample collection process, through chain of custody records, and by inspecting detailed technical data and quality control and assurance information.
For more information please contact:
R. Michael Jones, P.Eng. CEO
+44 203 4407982
Blytheweigh, financial public relations
Tel: +44 207 138 3203
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Certain of the information and statements contained herein that are not historical facts constitute “forward-looking information” within the meaning of the Securities Act (British Columbia), the Securities Act (Ontario) and the Securities Act (Alberta). (“Forward-Looking Information”). Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “would expect” and “intend”; statements that an event or result is “due” or “may”, “will”, “should”, “might” or could” occur or be achieved; and other similar expressions Specifically, forward-looking information involves known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company, or the results of the industry, to be material. materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes, but is not limited to, the timing and ability to obtain approvals from the TSX-V and other regulatory authorities, and the outlook, details and schedule for the Vizcachitas project. This forward-looking information is based on the Company’s assumptions regarding global markets and Chilean economic, political and market conditions and the price of metals and energy and the Company’s production Among the factors that directly affect future results of the Company’s operations and financial conditions are changes in project parameters as plans continue to be refined, change in government policies, competition, currency fluctuations and restrictions, and technological changes, among others. Should one or more of the foregoing risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results could differ materially from the conclusions, forecasts or projections described in the forward-looking information. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.