Minera Andes Inc. (TSX:MAI - News)(OTC.BB:MNEAF - News) - wishes to remind
its Warrant holders of the previously announced notice of accelerated expiry
of the approximately 15,352,100 share purchase warrants of the Company (the
"Warrants") trading under the symbol MAI.WT. The Warrants were
issued pursuant to a "bought deal" underwritten financing completed
in August 2009.
The Warrants will expire on January 31,
2011 at 5:00 p.m (Toronto time).
Each Warrant was exercisable to purchase
one common share of the Company at a price of $1.25 Canadian per common share
until August 19, 2014. However, pursuant to the terms of a warrant indenture
governing the Warrants the expiry of the Warrants could be accelerated at any
time prior to the expiry of the Warrants if the volume weighted average
trading price of the underlying common shares listed on the Toronto Stock
Exchange ("TSX") was greater than CDN$2.50 for 20 consecutive
trading days, at which time the Company could (and did) give notice to the Warrant
holders that the Warrants will expire on the 30th day after the date on which
such notice is given.
As announced, effective at market close
on Wednesday, December 29, 2010, the Company's volume weighted average
trading price for each of the past 20 consecutive trading days exceeded $2.50
Canadian. A Notice of Acceleration dated December 30, 2011 was mailed to
registered Warrant holders to advise that the expiry date of the Warrants was
being accelerated to 5 p.m. (Toronto time) on January 31, 2011 (the "Early
Expiry Time").
Any Warrants remaining unexercised after
the expiration of the Early Expiry Time will be cancelled, delisted, and will
thereafter be of no force or effect.
Although it is unknown how many Warrants
will be exercised, in the event that all Warrants are exercised, the Company
will receive approximately $19 million which will be added to working
capital.
How to Exercise Warrants
Warrant holders who wish to exercise
their Warrants should instruct their investment advisor for an
"immediate exercise" and be prepared to provide payment (by
certified cheque, bank draft or money order payable to Minera Andes Inc.) to
their advisor firm equal to the exercise price for each warrant exercised.
Once Computershare receives payment and required documentation the Warrants
will be cancelled and the warrant holder will receive Minera Andes common
shares.
Investors should consult with their
investment advisor to confirm the time required to complete this process and
other costs associated with the exercise, if any.
Warrant holders who hold a physical
certificate wishing to exercise warrants need to provide Computershare with a
certified cheque, bank draft or money order payable to Minera Andes Inc., an
exercise form and warrant certificate.
For assistance, contact Computershare
Trust Company of Canada directly at 1-800-564-6253.
About Minera Andes
Minera Andes is an exploration company
exploring for gold, silver and copper in Argentina with three significant
assets: A 49% interest in Minera Santa Cruz SA, owner of the San Jose Mine in
close proximity to Andean Resources' Cerro Negro project; 100% ownership of
the Los Azules copper deposit with an inferred mineral resource of 10.3
billion pounds of copper and an indicated resource of 2.2 billion pounds of
copper; and, 100% ownership of a portfolio of exploration properties
bordering Goldcorp's Cerro Negro project in Santa Cruz Province. The
Corporation had $10 million USD in cash as at September 30, 2010 with no bank
debt. Rob McEwen, Chairman and CEO, owns 33% of the company.
This news release has been submitted by
Perry Ing, Chief Financial Officer, of the Corporation. For further
information, please contact Perry Ing or visit our Web site: www.minandes.com.
Cautionary Note to U.S. Investors:
All resource estimates reported by the
Corporation were calculated in accordance with NI 43-101 and the Canadian
Institute of Mining and Metallurgy Classification system. These standards
differ significantly from the requirements of the U.S. Securities and
Exchange Commission. Mineral resources which are not mineral reserves do not
have demonstrated economic viability.
Caution Concerning Forward-Looking
Statements:
This press release contains certain forward-looking
statements and information. The forward-looking statements and information
express, as at the date of this press release, the Corporation's plans,
estimates, forecasts, projections, expectations or beliefs as to future
events and results and management's understanding of proposed legislative
changes. Forward-looking statements involve a number of risks and
uncertainties, and there can be no assurance that such statements will prove
to be accurate. Therefore, actual results and future events could differ
materially from those anticipated in such statements. Risks and uncertainties
that could cause results or future events to differ materially from current
expectations expressed or implied by the forward-looking statements include,
but are not limited to, factors associated with fluctuations in the market
price of precious metals, mining industry risks, risks associated with
foreign operations, risks related to litigation, property title, the state of
the capital markets, environmental risks and hazards, uncertainty as to
calculation of mineral resources and reserves and other risks.
Readers should not place undue reliance
on forward-looking statements or information. The Corporation undertakes no
obligation to reissue or update forward-looking statements or information as
a result of new information or events after the date hereof except as may be
required by law. See the Corporation's annual information form for additional
information on risks, uncertainties and other factors relating to the forward-looking
statements and information. All forward-looking statements and information
made in this news release are qualified by this cautionary statement.
The TSX has not reviewed and does not
accept responsibility for the adequacy or accuracy of the contents of this
news release, which has been prepared by management.
Contact:
Contacts:
Minera Andes Inc.
Perry Ing
Chief Financial Officer
647-258-0395 or Toll-Free: 1-866-441-0690
647-258-0408 (FAX)
info@minandes.com
Minera Andes Inc.
99 George St. 3rd Floor
Toronto, Ontario, Canada, M5A 2N4
www.minandes.com
Computershare Trust Company of Canada
Warrant Transfer Agent
Toll-Free: 1-800-564-6253
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