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Andean American investor acquires 19.57 million shares 2011-02-01 18:32 ET - News Release Mr. David Rae reports ANDEAN AMERICAN RAISES OVER FIFTEEN MILLION DOLLARS; TRAFIGURA BEHEER'S WHOLLY-OWNED SUBSIDIARY, URION MINING, PURCHASES OVER 19.5 MILLION SHARES Pursuant to an agreement with Trafigura Beheer BV as disclosed in Stockwatch on March 30, 2010, and which agreement was subsequently assigned to Trafigura's wholly owned subsidiary, Urion Mining International BV, on Sept. 30, 2010, Urion Mining has purchased 19,574,605 common shares of Andean American Gold Corp. at the agreed discounted market price of 77 cents per share, calculated using the closing share price of Andean's common shares on the TSX Venture Exchange on Jan. 28, 2011. The aggregate purchase price for the common shares was $15,072,445.85. Andean American and Trafigura, a privately held international commodity trader, established a strategic relationship in March, 2010, which included Trafigura's initial equity investment of $3-million in the company and long-term off-take agreements for the sale of the Invicta project's copper, lead and zinc concentrates, as well as an agreement to acquire up to an additional 16 per cent of the company's common shares by way of private placement. "We are very pleased with Trafigura's demonstrated ongoing confidence in the Invicta project and with the stability which this relationship provides for the company. The funds raised through this purchase will be used primarily to advance the Invicta project towards production and will position us well to expand the project through further exploration drilling once the land use agreements are finalized," said David Rae, president and chief executive officer of Andean American. As at Jan. 31, 2011, Andean American had 122,341,287 common shares outstanding. Following the purchase of these 19,574,605 options, the company now has 141,915,892 common shares outstanding, of which Trafigura holds 27,574,605 shares, or 19.43 per cent. The issuance of the shares remains subject to a TSX Venture Exchange four-month hold. About Trafigura Beheer BV Trafigura is one of the world's leading international commodity traders, specializing in the oil, minerals and metals market, with 67 offices in 44 countries in Europe, Africa, Asia, Australia, and North, Central and South America. Its principal corporate offices are in Amsterdam, London and Lucerne. Trafigura's primary trading businesses are the supply and transport of crude oil, petroleum products, renewable energies, non-ferrous concentrates and refined metals. It is the world's second-largest independent non-ferrous trading company and the third-largest independent oil trader. Founded in 1993, the company is owned by its founding shareholders and senior management. It has achieved substantial growth in the last five years, increasing turnover from $18-billion (U.S.) in 2004 to $47-billion (U.S.) in 2009. bs |
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| Autor (Datum des Eintrages): | boersensoldat (02.02.11 16:18:13) |
| Beitrag: | 28 von 40 (ID:40969346) |
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