Andean American Announces US$8 Million Bridge Loan and Gold Offtake Agreement – IR Pro Communications Inc.

Andean American Announces US$8 Million Bridge Loan and Gold Offtake Agreement

Andean American Mining (TSX.V-AAG) has announced an agreement with a prominent metals trader to further advance the Invicta project.  The agreement is to provide a Bridge Facility in exchange for the right to buy gold and silver production from the Invicta Mine.  The Facility is for US $8 million and should close June 1, 2010 or earlier, the tenor is for 12 months from closing and will have the security of a Deed of Trust registered against the properties of Invicta Mining Corp.  There are upfront fees of 5.5% flat as well as an option to purchase 2 million shares for a term of 2 years from closing with 1 million exercisable at C$0.55 and one million exercisable at C$0.65 per share.  “…another step towards completing all our finance requirements including acceleration of our community agreements.” states Chairman and CEO, John Huguet.

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