Andover Announces Closing of Convertible Placement With Sentient Group of Funds
September 28 2011 - 11:25AM
Marketwired
Andover Ventures Inc. ("Andover" or the "Company") (TSX VENTURE:
AOX)(OTCBB: AOVTF)(FRANKFURT: R2X) is pleased to announce the
closing of a non brokered convertible note with The Sentient Group
("Sentient") for aggregate proceeds of $2.5 million USD. The
convertible note matures in twelve months, has a zero percent
interest rate and can be converted into Andover shares at .50 cents
per share at the lenders discretion. No commission was paid in
conjunction with this financing.
Sentient has been granted the right of first refusal in future
financings. The Company has agreed to grant one Board of Directors
position to Sentient, and will grant Sentient the right to a second
Board of Directors position upon Sentient reaching the 19.9%
threshold of equity ownership. The Sentient Group of Funds is a
Private Equity Resource Fund headquartered in the Cayman Islands
with offices in Sydney, Australia and Vancouver, Canada.
About Andover:
Andover Ventures is a precious and base metal exploration and
development company, headquartered in Vancouver, British Columbia,
Canada. Andover Ventures' holdings are located in the historic East
Tintic Mining District, Utah, USA, and the polymetallic-rich Ambler
Mining District, Alaska, USA.
About Sentient:
The Sentient Group manages over US$2.3bn in the development of
quality metal, mineral and energy assets across the globe through
its Cayman-based, 10 year closed-end private equity Sentient
Resources Funds.
Sentient's professionals have long experience in the natural
resources and investment industries and possess a combination of
skills covering geological exploration, commodity analysis,
political risk, capital markets, financial structuring and
portfolio management.
Investors in Sentient's Funds are institutional investors
typically representing university endowment funds, corporate
pension funds, family offices and resource industry participants.
The global spread of investors complements Sentient's global
mandate.
For further information we invite you to visit us at
www.andoverventures.com.
ON BEHALF OF THE BOARD
Gordon Blankstein, CEO and Chairman
Neither 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.
Contacts: Andover Ventures Inc. Richard Martens Investor
Relations 1-604-682-2168 or Int'l Toll Free: 1-800-266-4484
www.andoverventures.com
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