First Andes Silver Closes Final Tranche of Private Placement

Executive Summary

• First Andes Silver Ltd. closed the final tranche of its non‑brokered private placement, issuing 3 million units at $0.10 CAD per unit for gross proceeds of $300,000 CAD.
• The total offering now totals 13.17 million units for aggregate gross proceeds of $1.317 million CAD.
• Proceeds will be used to expand the drill program at the Santas Gloria silver property and for general working capital.

Key Details

• Units Issued (Final Tranche): 3,000,000 units @ $0.10 CAD per unit → $300,000 CAD gross proceeds.
• Total Offering: 13,170,000 units issued overall → $1,317,000 CAD gross proceeds.
• Unit Composition: Each unit = 1 common share + ½ of a share purchase warrant.
• Warrant Terms: Exercisable at $0.15 CAD per share for two (2) years from issuance.
• Finder’s Fee: $5,600 paid; 56,000 additional share purchase warrants issued to the finder, exercisable at $0.10 CAD per share for two (2) years.
• Resale Restrictions: Securities from the final tranche subject to a four‑month resale lock‑up period.
• Use of Proceeds: Expand current drill program at Santas Gloria silver property; general working capital.

Notable Quotes

(No direct quotes were provided in the release.)