Tuesday, November 01, 2011 5:07:57 PM
September 23, 2011, Vancouver, B.C. - Andover Ventures Inc. (“Andover” or the “Company”) (AOX-TSX: V) (AOVTF-United States) (R2X-Frankfurt Exchange) is pleased to announce the signing of definitive agreements for a non brokered convertible note with The Sentient Group (“Sentient”) for aggregate proceeds of $2.5 million USD . The convertible note matures in twelve months, has a zero percent interest rate and can be converted into Andover shares at .50 cents per share at the lenders discretion. No commission will be paid and the proceeds of this financing will be used for working capital.
The Sentient Group manages over US$2.3bn in the development of quality metal, mineral and energy assets across the globe through its Cayman-based, 10 year closed-end private equity Sentient Resources Funds.
Sentient’s professionals have long experience in the natural resources and investment industries and possess a combination of skills covering geological exploration, commodity analysis, political risk, capital markets, financial structuring and portfolio management.
Investors in Sentient’s Funds are institutional investors typically representing university endowment funds, corporate pension funds, family offices and resource industry participants. The global spread of investors complements Sentient’s global mandate.
http://www.andoverventures.com/_resources/news/nr_2011_09_23_2.pdf
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