Turnbrook Mining Limited - News Release
VANCOUVER, Jan. 6, 2015 /CNW/ - Turnbrook Mining Limited ("TBML") of Suite E-2, Union Court Building, Elizabeth Avenue and Shirley Street, PO Box N-8188, Nassau, Bahamas, announces, pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, that on January 5, 2015 it acquired ownership of 50,786,039 common shares (the "Acquired Shares") in the capital of Los Andes Copper Ltd. ("Los Andes"), representing approximately 25.34% of the current total issued and outstanding shares of Los Andes.
Pursuant to the terms of a subscription agreement (the "Subscription Agreement") dated as of December 22, 2014 between TBML and Turnbrook Corporation ("Turnbrook"), Turnbrook subscribed for 66,150,877 common shares (the "Subscription Shares") in the capital of TBML. As consideration for the Subscription Shares, Turnbrook agreed to transfer to TMBL the Acquired Shares. The value of the consideration offered per Acquired Share is $0.2508, calculated based on the book value of TBML, which book value was determined in part using a value of $0.22 per Los Andes share currently held by TBML and acquired by TBML pursuant to the Subscription Agreement, being the market price of the Los Andes shares as of both the date of the Subscription Agreement and the date of the transfer of the Acquired Shares from Turnbrook to TBML.
As a result of the acquisition of the Acquired Shares, TBML now owns 96,426,889 common shares of Los Andes, representing approximately 48.11% of the current total issued and outstanding shares of Los Andes.
This acquisition was made for investment purposes only and TBML may, depending upon market and other conditions, increase or decrease its beneficial ownership, control or direction over common shares or other securities of Los Andes through market transactions, private agreements or otherwise.
SOURCE Los Andes Copper Ltd.
