Andover closes $2.5-million (U.S.) note offeringAndover closes $2.5-million (U.S.) note offering2011-09-28 12:35 ET - News ReleaseMr. Gordon Blankstein reportsANDOVER ANNOUNCES CLOSING OF CONVERTIBLE PLACEMENT WITH SENTIENT GROUP OF FUNDSAndover Ventures Inc. has closed a non-brokered convertible note with the Sentient Group for total proceeds of $2.5-million (U.S.). The convertible note matures in 12 months, has a zero-per-cent interest rate and can be converted into Andover shares at 50 cents per share at the lender's discretion. No commission was paid in conjunction with this financing.Sentient has been granted the right of first refusal in future financings. The company has agreed to grant one board of directors position to Sentient and will grant Sentient the right to a second board of directors position upon Sentient reaching the 19.9-per-cent threshold of equity ownership. The Sentient Group of funds is a private equity resource fund headquartered in the Cayman Islands with offices in Sydney, Australia, and Vancouver, Canada.