SPOKANE, WA, July 31 /PRNewswire-FirstCall/ -- Minera Andes Inc. (the "Corporation" or "Minera Andes") (TSX: MAI and US OTC: MNEAF) is pleased to announce that it has filed the preliminary short form prospectus in Canada in relation to the previously announced Cdn$20,025,000 financing (see July 24, 2009 press release). A syndicate of underwriters (the "Underwriters") have entered into an agreement with the Corporation to purchase for resale to the public, and the Corporation has agreed to issue, 26,700,000 units at a price of Cdn$0.75 per unit (the "Offering").
In addition, the Corporation has agreed to grant the Underwriters an option (the "Over-Allotment Option") to purchase additional units of Minera Andes to raise additional gross proceeds of up to 15% of the Offering, on the same terms and conditions as the Offering, exercisable any time, in whole or in part, up to 48 hours prior to the closing date of the Offering. If the Over-Allotment Option is exercised in full, the total gross proceeds to Minera Andes will be Cdn$23,028,750. For additional detail, please refer to the Corporation's news release dated July 24, 2009.
The Offering is expected to close on or about August 19, 2009 and is subject to normal regulatory approvals, including the approval of the Toronto Stock Exchange.
The net proceeds from the Offering are expected to be used to finance the Corporation's general administrative expenses to maintain capacity for the next 12 months; to evaluate its portfolio of exploration properties, for the Corporation's Los Azules Project (including making property payments in respect thereof, and for working capital).
The securities being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold within the United States or to or for the account or benefit of "U.S. Persons" (as defined in Regulation S under the U.S. Securities Act) absent U.S. registration or an applicable exemption from U.S. registration requirements. This press release does not constitute an offer of securities for sale in the United States to or for the account or benefit of U.S. Persons.
Minera Andes is a gold, silver and copper exploration company focused in Argentina. The Corporation holds or has an interest in approximately 304,000 acres of mineral exploration land in Argentina, including the properties comprising the San Jos silver/gold mine (a joint venture between the Corporation and Hochschild Mining plc in which the Corporation has a 49% interest). Minera Andes is also exploring the Los Azules copper project in San Juan province, Argentina in respect of which a preliminary assessment has been completed and a technical report filed. Other exploration properties, primarily silver and gold southern Argentina, are being evaluated. The Corporation presently has 230,688,851 shares issued and outstanding.
Caution Concerning Forward-Looking Statements:
This news release contains forward-looking statements and forward-looking information within the meaning of applicable US and Canadian securities laws. In making the forward-looking statements and providing the forward-looking information, we have made numerous assumptions. Although our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statements will prove to be accurate. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from that expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include among other things, the speculative nature of mineral exploration.
Readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See our annual information form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. All forward-looking statements and information made in this news release are qualified by this cautionary statement.
Minera Andes Inc.
CONTACT: Art Johnson at the Spokane office, or Krister A. Kottmeier,
investor relations - Canada, at the Vancouver office; Visit our web site:
http://www.minandes.com/; Spokane Office, 111 East Magnesium Road, Ste. A, Spokane, WA
99208, USA, Phone: (509) 921-7322, E-mail: info@minandes.com; Vancouver
Office, 911-470 Granville Street, Vancouver, B.C., V6C 1V5, Phone: (604)
689-7017, 1-877-689-7018, E-mail: ircanada@minandes.com
