Los Andes to issue 80,071 shares to Queen's Road

Executive Summary

• Los Andes Copper Ltd. announces the conversion of US$5 million in 8% convertible debentures held by Queen's Road Capital Investment Ltd. into common shares, effective April 8, 2026.
• The conversion involves a total principal and accrued interest amount of US$5,043,333, which converts to CAD$6,909,366 at the exchange rate of 1 USD = 1.37 CAD.
• The transaction results in the issuance of 638,573 common shares in total, comprising 558,502 shares issued under existing TSX-V approval and an additional 80,071 shares for which Los Andes is seeking further TSX-V approval.

Key Details

• Debenture Details: US$5 million in 8% convertible debentures originally issued to Queen's Road Capital Investment Ltd. on June 2, 2021.
• Conversion Price: $10.82 per common share.
• Conversion Amount (USD): US$5,043,333 (Principal of US$5,000,000 plus accrued interest).
• Conversion Amount (CAD): CAD$6,909,366 (based on exchange rate of 1 USD = 1.37 CAD).
• Shares Issued Under Existing Approval: 558,502 common shares, corresponding to CAD$6,042,991 of the conversion amount.
• Shares Requiring New Approval: 80,071 common shares, corresponding to the remaining CAD$866,375 of the conversion amount.
• Total Shares Issued: 638,573 common shares.
• Regulatory Action: The corporation is applying to the TSX Venture Exchange (TSX-V) for approval to convert the remaining CAD$866,375 into common shares.

Notable Quotes

• No direct quotes from management were included in the release text provided.