The Board of Andes has appointed Macquarie Capital (Europe) Limited (Macquarie) as Financial Adviser and as Joint Broker to the Company alongside GMP Securities Europe LLP (GMP) and Westhouse Securities Limited (Westhouse). The appointment is with immediate effect.
The Board is further pleased to announce that it has entered into a US$5,000,000 debt facility (the "Facility") with Macquarie Capital Group Limited. The proceeds are to be used to support Andes through its exploration and development programmes throughout South America. The Facility carries interest at a rate of LIBOR plus 9.5%, which can be capitalised, and is repayable 1 year from the date of draw down, with the option to extend by 1 year, subject to the lender's consent. Andes has also issued Macquarie Capital Group Limited 7.5 million warrants with an exercise price of 43p per share.