Los Andes Copper Issues Shares to Cover Interest Payments on Convertible Debentures
Los Andes Copper is issuing new shares to cover interest payments on convertible debentures, preserving cash reserves as its Vizcachitas project in Chile advances. The company will issue 8,493 common shares to Queen's Road Capital Investment Ltd. for interest totaling $104,973, at a price of $12.36 per share. This payment relates to $14 million in convertible debentures issued between 2021 and 2022, with an annual interest rate of 8%, split between cash and shares. The TSX Venture Exchange must approve the transaction.
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Los Andes Copper is addressing interest obligations through an unconventional method by issuing new shares. The company plans to issue 8,493 shares to Queen's Road Capital Investment Ltd. to cover $104,973 in interest payments.
The shares will be priced at $12.36 each. This payment pertains to $14 million in convertible debentures issued between 2021 and 2022, which carry an 8% annual interest rate, divided into 5% cash and 3% shares.
Approval from the TSX Venture Exchange is pending. The Vizcachitas project in Chile, one of the largest undeveloped copper-molybdenum porphyry systems in the Americas, is in a critical phase as global copper demand rises due to electrification.
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