Hong Kong, Hong Kong–(Newsfile Corp. – March 30, 2022) – Queen’s Road Capital Investment Ltd. (TSXV: QRC) (the “Company” or “QRC”) is pleased to announce that it has entered into an agreement with Los Andes Copper Ltd. (“Los Andes”) (TSXV: LA) pursuant to which the Company will invest an additional US$4,000,000 in Los Andes by means of a convertible debenture.
The convertible debenture will have the same terms as the 2021 convertible debenture: a term of 5 years, will bear a coupon of 8.0% and will be convertible into common shares of Los Andes at a price of C$19.67, representing a premium of 30% from the 5 daily volume-weighted average price of the Los Andes stock on the TSX Venture Exchange. Interest is payable quarterly, 5.0% in cash and 3.0% in stock at the 20 day volume weighted average price prior to each interest payment date. Use of the proceeds will be used to complete Vizcachitas’ pre-feasibility study.
Warren Gilman, the company’s Chairman and CEO, said, “QRC is delighted to increase its commitment to Los Andes Copper at a time when the need for copper production to support the transition to a green future has never been also big. In our opinion, Los Andes Copper’s Vizcachitas Project is the highest quality advanced copper porphyry project in South America today. »
Los Andes Copper Ltd. is a Canadian company focused on the development of the Vizcachitas copper-molybdenum porphyry project in Chile. The company owns 100% of the Vizcachitas project, one of the largest advanced copper deposits in the Americas. Vizcachitas will become Chile’s next big copper mine. The project is a copper-molybdenum porphyry deposit, located 150 km north of Santiago, in an area with very good infrastructure. The project is currently undergoing a pre-feasibility study.
Completion of the investment is subject to receipt of all required regulatory approvals, including the TSXV, and is expected to occur in April 2022.
About Queen’s Road Capital Investment Ltd.
Queen’s Road Capital is a leading, dividend-paying financier in the global resource sector. The Company is a resource-based investment company, which invests in private and publicly traded resource companies. The Company acquires and holds securities for long-term capital appreciation, with an emphasis on convertible debt securities and resource projects in advanced development or production located in politically safe jurisdictions.
Neither the 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.
Caution Regarding Forward-Looking Statements
Certain statements contained in this press release, which are not historical in nature, constitute “forward-looking statements” as that term is defined under applicable Canadian securities laws. These statements include, but are not limited to, statements or information regarding the Company’s growth strategy and the Company’s future performance. These statements reflect management’s current assumptions and expectations and, by their nature, are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors that may cause actual results to differ. , performance or actual events are materially different from those expressed or implied by such forward-looking statements. statements. These risks include the interpretation of drilling results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not meet our expectations; fluctuations in commodity prices and currencies; failure to obtain adequate financing; regulation, recovery rates, refining costs, inability to identify or successfully complete business transactions and other relevant conversion factors, permitting and licensing risks; and general market and mineral exploration risks. Forward-looking statements should not be construed as investment advice. Readers should make a detailed and independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on forward-looking statements. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward-looking statement to reflect events or changed circumstances after the date hereof.
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