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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge
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To: Frankly Speaking who wrote (5031)11/29/2001 2:27:39 PM
From: Al Collard   of 11802
 
AAG-v...in the news:

Andean American intends $5-million debenture financing


Thu 29 Nov 2001

News Release

Mr. John Huguet reports
Andean American Mining has arranged a production debenture financing of up
to $5.0-million in support of the needs of the corporation.
The terms of the new production debenture are such that the holders of the
Series A, C and D debentures will be able to make a reinvestment decision.
Verbal agreement has been received today representing over 86 per cent of
the funds in the referenced A and D debentures. This is a key figure as it
requires 80-per-cent majority to make changes to the existing debenture.
The company is attempting to contact the balance of the debentureholders.
Documentation for the new production debenture is targeted for completion
by Dec. 17, 2001. The principal terms of the new debenture are 12-per-cent
interest payable quarterly, and the debentureholder will receive a warrant
for each dollar of new debenture purchased. The warrants have a two-year
term and entitle the holder to purchase a common share at 50 cents in the
first year and 60 cents in the second year. The intention is to retire and
repay full principal and interest from production proceeds during 2002. An
amount of 25 per cent of metal sales revenue or $10.00 per tonne (whichever
is greater, on a per-sale basis, reconciled quarterly) will be paid on an
imprest-fund basis beginning with the first metal sales accomplished after
the effective date of the debenture (Jan. 1, 2002). The one-half of
1-per-cent NSR on the Santa Rosa project previously granted to the Series D
debentureholders will survive the conversion of the Series D debentures and
continue unamended. The issuer may prepay at any time without penalty. The
debentureholders have the right to independently audit all metal sales and
production records to their full satisfaction.
The new production debenture financing is subject to acceptance of filing
with the regulatory authorities.
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