Monday, February 09, 2009

Minera Andes MAI.to 40 mln CAD placement from Robert McEwen. MAI.to, TNR.v, CDNX

Just after publishing a positive scoping study on Los Azules Robert McEwen has stepped in with a vote of confidence in Argentina, Minera Andes and Los Azules. Great news for TNR Gold TNR.v involved in Los Azules and a good news for Minera Andes shareholders, they could be disappointed with the very substantial dilution and a level for placement at 0.33CAD. These money are coming for price for sure, but on a positive note McEwen will hold more then 50% of the company and cash call killing the share price will be out of the picture with bank debt due in March. Company will be very well positioned for development of Los Azules. Lukas Lundin is out of the picture at the moment: he did not participated in PP and his director has recently resigned.
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