Andover Mining Corp. Completes $1.5 MM USD Convertible Note Financing With the Sentient Group
29.08.2012 | Marketwire
VANCOUVER, 08/29/12 - Andover Mining Corp. (TSX VENTURE: AOX) (OTCBB: AOVTF) (FRANKFURT: R2X) ("Andover" or the "Company") is pleased to announce the signing of definitive agreements for a non-brokered convertible note with The Sentient Group ("Sentient") for aggregate proceeds of $1.5 million USD. The convertible note matures in twenty four months, bears zero percent interest, and the note can be converted into Andover shares at 23.5 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 flagship "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 is a precious and base metal exploration and development company focused on copper exploration at its flagship asset, the SUN project, located in the Ambler Mining District, Northwest, Alaska. The Ambler District hosts world-class VMS deposits containing copper, zinc, lead, gold and silver. The Ambler District is one of the richest and most-prospective copper districts located in one of the safest geopolitical jurisdictions in the world. In Utah, Andover, through its 83.5% ownership of Chief Consolidated Mining Company whose lands located in the historic East Tintic Mining District, has a multi-faceted development approach. The Big Hill project, where Kennecott Exploration Company can earn a 55% interest by carrying Chief through to the end of a Feasibility Study, is focused on a large porphyry copper prospect. The Burgin Complex, host to a limestone, silver lead zinc deposit has completed a PEA and is preparing this deposit and the Trixie gold mine toward exploitation.
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
rick@andovermining.com
www.andovermining.com