AndeanGold Announces Final Settlement of Indebtedness by Issuance of Shares
17 April 2014 - 5:00PM
Marketwired
AndeanGold Announces Final Settlement of Indebtedness by Issuance
of Shares
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 17, 2014) -
AndeanGold Ltd. ("the Company" or "AndeanGold")
(TSX-VENTURE:AAU)(LMA:AAU) is pleased to announce that, further to
the Company's news release, dated March 31, 2014, the Company has
settled in full, indebtedness in the aggregate amount of
$398,225.55 with creditors by the conversion thereof into 7,964,511
common shares ("Shares") of the Company at a price of $0.05 per
share in accordance with the policies of the TSX Venture Exchange
(the "Exchange") and effective as of April 17, 2014, such
indebtedness has been extinguished.
In accordance with securities legislation currently in effect,
the Shares will be subject to a "hold period" of four months plus
one day from the date of issuance.
The Company further announces that the Exchange has extended the
deadline for completion of the previously announced non-brokered
private placement of $1,000,000 (news release of March 25, 2014)
from April 10, 2014 to May 10, 2014. The placement consists of up
to 20,000,000 units at $0.05 per unit, and two initial tranches for
an aggregate of $690,382.15 have closed.
Each unit consists of one common share of the Company and one
share purchase warrant which is exercisable by the holder to
purchase one common share of the Company at a price of $0.07 within
18 months from closing.
About AndeanGold Ltd:
AndeanGold Ltd. is engaged in the acquisition, exploration and
potential development of primarily precious metals properties,
principally in Peru and Ecuador. The focus of the Company's
exploration activities is presently in advancing its Urumalqui
Project, as well as pursuing mineral property acquisitions, in
Peru. In Ecuador, the Company's activities have been limited to
administrative and legal matters due to the Mining Mandate issued
by the Ecuador Constituent Assembly on April 18, 2008. In November
2009, President Correa signed the Mining Regulations into law
pursuant to the requirements of the new Mines Law, which was passed
in January 2009. This was the final legal precursor to the
re-initiation of exploration and mining development in Ecuador. The
Company has been issued new mining titles under the new Mines law
to its three key Ecuadorian projects and has filed the requisite
documents with the Ministry of Non-Renewable Natural Resources and
Ministry of Environment ("MRNNR") in support of the Company's
request to renew exploration programs on its key projects in
Ecuador. In September 2012, the Company received authorization from
the MRNNR to renew exploration programs on its Curiplaya
Project.
Please refer to AndeanGold's website at www.andeangoldltd.com
for further information on the Company's projects and
activities.
On Behalf of the Board of Directors of ANDEANGOLD LTD.
Anthony F. Ciali, President, CEO and Director
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.
Corporate Office: AndeanGold Ltd.Tony
Ciali732.940.5487tciali@andeangoldltd.comwww.andeangoldltd.comInvestor
Relations:Jamie Mathers778.879.5084jsmathers6@gmail.com
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