VANCOUVER, Jan. 28, 2015 /CNW/ - Turnbrook Mining Limited ("TBML") of Suite E-2, Union Court Building, Elizabeth Avenue and Shirley Street, PO Box N-8188, Nassau, Bahamas, announces, pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, that on January 27, 2015 it acquired ownership of 9,356,760 common shares (the "Acquired Shares") in the capital of Los Andes Copper Ltd. ("Los Andes"), representing approximately 4.46% of the current total issued and outstanding shares of Los Andes.
6,590,909 of the Acquired Shares were acquired through TBML's participation in a non-brokered private placement of Los Andes, and were issued from treasury of Los Andes for cash at a per common share price of $0.22.
2,765,851 of the Acquired Shares were acquired by way of a debt settlement agreement between TBML and Los Andes pursuant to which Los Andes issued 2,765,851 common shares from treasury at a deemed per common share price of $0.22 in order to settle a $608,487.27 debt owing to TBML pursuant to loans made by TBML to Los Andes.
As a result of the acquisition of the Acquired Shares, TBML now owns 105,783,649 common shares of Los Andes, representing approximately 50.38% of the current total issued and outstanding shares of Los Andes.
This acquisition was made for investment purposes only and TBML may, depending upon market and other conditions, increase or decrease its beneficial ownership, control or direction over common shares or other securities of Los Andes through market transactions, private agreements or otherwise.
SOURCE Los Andes Copper Ltd.