Take physic, pomp

Minera Andes (MAI.to): I doff my cap to Rob McEwen


You gotta applaud Rob McEwen today…man that was a class move. Here’s the PR and here’s the opening snippet….

Mr. McEwen has agreed to complete the private placement in a two step transaction designed to alleviate the Corporation’s immediate financial pressures. First, Mr. McEwen will purchase 18,299,970 common shares of the Corporation at a price of C$1.00 per share for proceeds to the Corporation of C$18,299,970 which will be used, as to $US11.3 million, to satisfy the cash call made in respect of the Corporation’s 49% interest in the San José Project (“Step 1”). Second, Mr. McEwen will assume the bank loan owing by the Corporation to Macquarie Bank Limited (“Macquarie”) in the aggregate principal amount of US$17.5 million (“Step 2”). The subscription price of C$1.00 per share represents a 108% premium to the closing price of Minera Andes’ common shares on the TSX on February 13, 2009 of C$0.48 per share.

…….but you must read the whole thing to fully understand what he’s done, including diffusing the HOC.L problem and getting them to bid higher. That’s why he’s a multimillionaire and I’m a dude with a blog.

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