Andover closes $2.5-million (U.S.) note financing
Andover closes $2.5-million (U.S.) note financing
2012-04-27 09:21 PT - News Release
Mr. Gordon Blankstein reports
ANDOVER MINING COMPLETES $2.5 MM USD CONVERTIBLE DEBENTURE WITH THE SENTIENT GROUP
Andover Mining Corp. has signed definitive agreements for a non-brokered convertible note with the Sentient Group for aggregate proceeds of $2.5-million (U.S.). The convertible note matures in 24 months, bears 0-per-cent interest, and the note can be converted into Andover shares at 32 cents per share at the lender's discretion. No commission, interest, collateral or fees will be paid. Proceeds of the financing will be used to finance 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.