The news release below can also be accessed on our website by clicking this link.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 18, 2011) - Andean American Gold Corp. ("Andean" or the "Company") (TSX VENTURE:AAG)(FRANKFURT:AQN) announces that it has reached a debt settlement arrangement with Sinchao Metals Corp. ("Sinchao") in relation to certain outstanding debt owed by Sinchao to the Company.
The Company has agreed to accept 8,888,889 common shares at a deemed price of $0.09 per share in settlement of $800,000 of indebtedness owing by Sinchao to the Company.
In addition, the Company has agreed to a private placement in Sinchao of a further 2,222,222 units at a price of $0.09 per unit for total investment of $200,000. Each unit will be comprised of one common share and one share purchase warrant, such warrant entitling the holder to acquire a further common share of the Company at a price of $0.12 for a term of five (5) years.
Closing of the private placement and the debt settlement are subject to the acceptance of the TSX Venture Exchange and the debt settlement remains subject to ratification by the shareholders of Sinchao at its annual general meeting on September 15, 2011.
Commenting on the private placement, David Rae, President and Chief Executive Officer of Andean said, "We continue to believe that the Sinchao property holds significant existing and future mineral potential, despite the reduction in the inferred resources. As the majority shareholder of Sinchao Metals, our interests are aligned with those of Sinchao and we will continue to provide Sinchao with our support as it seeks to maximize value from its assets."
Annual and Special Meeting of Shareholders
The Andean American Annual General and Special Meeting of Shareholders is scheduled for Thursday, September 15, 2011 at 11:30 am EST. The meeting will be held at:
Cambridge Suites Hotel Toronto
Richmond Room
15 Richmond Street East,
Toronto, Ontario
M5C 1N2
We look forward to meeting with those shareholders who are able to attend.
On behalf of Andean American Gold Corp.
Bruce Ramsden, Vice President, Finance and CFO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Andean American Gold Corp.
Bruce Ramsden
Vice President, Finance and CFO
416-368-9500
bramsden@aaggold.com
www.aaggold.com
Source: Andean American Gold Corp.
Click Here for a complete listing of Andean press releases.
-------------------
To unsubscribe from this list please visit the
email alert section of the Andean site.
|
VanEck Vectors Global Alternative Energy ETF
|
|
DEVELOPMENT STAGE |
CODE : AAG.V |
|
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Andean American Gold is a gold producing company based in Canada. Andean American Gold produces gold, silver in Peru, develops copper, gold, lead, silver and zinc in Peru, and holds various exploration projects in Peru. Its main asset in production is SANTA ROSA in Peru, its main asset in development is INVICTA in Peru and its main exploration property is SINCHAO in Peru. Andean American Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is 22.3 millions as of today (US$ 16.2 millions, € 14.8 millions). Its stock quote reached its highest recent level on December 31, 2003 at 2.15, and its lowest recent point on February 17, 2016 at 0.01. Andean American Gold has 47 442 200 shares outstanding. |