Andover Mining Completes $2.5 Mm Usd Convertible Debenture With the Sentient Group
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/27/12 -- Andover Mining Corp. ("Andover" or the "Company") (TSX VENTURE: AOX)(OTCBB: AOVTF)(FRANKFURT: R2X) is pleased to announce the signing of definitive agreements for a non brokered convertible note with The Sentient Group ("Sentient") for aggregate proceeds of $2.5 million USD. The convertible note matures in twenty four months, bears zero percent interest, and the note can be converted into Andover shares at 32 cents per share at the lenders discretion. No commission, interest, collateral or fees will be paid. Proceeds of the financing will be used to fund the previously announced work program in the Ambler Mineral District of Alaska, host to Andover's flag ship "SUN" polymetalic Deposit, and for general working capital.
The Sentient Group of Funds is a Private Equity Mining Fund headquartered in the Cayman Islands with offices in Sydney, Australia; Munich, Germany; Montreal, Canada and Vancouver, Canada.
About Sentient:
The Sentient Group manages over US$2.3bn in the development of quality metal, mineral and energy assets across the globe through its Cayman-based, 10 year closed-end private equity Sentient Resources Funds.
Sentient's professionals have long experience in the natural resources and investment industries and possess a combination of skills covering geological exploration, commodity analysis, political risk, capital markets, financial structuring and portfolio management.
Investors in Sentient's Funds are institutional investors typically representing university endowment funds, corporate pension funds, family offices and resource industry participants. The global spread of investors complements Sentient's global mandate.
About Andover:
Andover Mining Corp. is a precious and base metal exploration and development company, headquartered in Vancouver, British Columbia, Canada. Andover's holdings are located in the polymetallic rich Ambler Mining District, located in Alaska, USA, and the historic East Tintic Mining District, Utah, USA.
For further information we invite you to visit us at www.andovermining.com.
ON BEHALF OF THE BOARD
Gordon Blankstein, CEO and Chairman
Neither 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.
Contacts:
Andover Mining Corp.
Richard Martens
Investor Relations
1-604-682-2168 or Int'l Toll Free: 1-800-266-4484
1-604-682-2169 (FAX)
rick@andovermining.com
www.andovermining.com