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 Vancouver, British Columbia September 23, 2008 – Further to its news release of September9, 2008, OroAndes Resource Corp. has closed the previously announced non-brokered privateplacement for gross proceeds of $2,420,198. OroAndes issued 3,457,425 units at a per unit priceof $0.70, each unit consisting of one common share in the capital of OroAndes and one nontransferable share purchase warrant, each warrant entitling the holder to purchase an additional common share at a per share price of $1.00 until September 22, 2010. All securities issued are subject to a four month and one day hold period expiring on January 23, 2009. The proceedsfrom the private placement will be used for continued exploration on, and to make the secondpayment pursuant to the option purchase agreement for, the Company’s Alto El Toro GoldProject in the Department of Tolima, Colombia, and for general corporate purposes. Inconnection with certain of the subscriptions received, OroAndes has paid a cash finder’s fee of$25,249.84 to an arm’s length individual, representing 5% of gross proceeds of $504,996.80raised from the subscriptions.more...
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VANCOUVER, BRITISH COLUMBIA - Change Name, Roll Back Shares See New Listing (C-OAR) Oroandes Resource Corp
Pursuant to a resolution passed by shareholders June 23, 2008, the company has consolidated its capital on a one-new-for-four-old basis. The name of the company has also been changed as follows.
Effective at the opening, July 3, 2008, the common shares of Oroandes Resource Corp. will commence trading on the TSX Venture Exchange, and the common shares of Avalanche Minerals Ltd. will be delisted. The company is classified as a mining company. more...
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