I used to have some MAI... Untill McEwen came in to take control of the play.
Look at the terms of the placements he took in MAI. One of the Directors was the only trade done in the .30's which set the price of McEwens preferential placement of $5 million in stock with a full wt, and the option to do an additional placement ..." Some time in the future" under the same terms and price as the initial placement.
he exercised that option some months later, and recieved bonus wts for exercising his wts. This funded the company.. but essentually sold out the control of the company to McEwen.
I was surprised that the exchange allowed such a transaction.. and in fact the shareholders had to approve that deal.... which they did when they juiced the price of MAI...
Looking at the chart of MAI I see the same downward trend as every other venture stock over the past year
Would the same appen if Roseau get control.... I would bet on it.
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ROB MCEWEN AGREES TO INVEST A TOTAL OF C$10 MILLION IN
MINERA ANDES
SPOKANE, WA – December 21, 2005 – Minera Andes (TSX-V: MAI and US OTC: MNEAF) is
pleased to announce that Rob McEwen has today subscribed C$5,395,159 for an aggregate of
15,414,740 units issued by way of private placement. Excluding warrants, completion of this
subscription makes Mr. McEwen our largest shareholder with a 14.2% interest.
Terms for a second private placement have also been agreed to with Mr. McEwen that would make
his total investment C$10 million. The second private placement of 13,156,689 units will only close
61 days after receipt of approval from the shareholders of the Corporation for the placement and for
the waiver or repeal of Minera Andes’ shareholder rights plan as it applies to Mr. McEwen.
Excluding warrants, completion of the second placement would give Mr. McEwen a 23.5%
shareholding in Minera Andes.
Proceeds from these two private placements will be used for further development and exploration of
the advanced-stage, high-grade San José gold/silver project in southern Argentina. A positive
bankable feasibility study for the project was released October 24, 2005 and permitting, advanced
engineering and other work is currently underway. At San José, a work force of 330 is developing
the underground workings exploring the main gold/silver vein. Proceeds will also be used for
general corporate purposes and for exploration at the Los Azules copper discovery in west central
Argentina, in accordance with Minera Andes’ recently announced letter of intent with Xstrata
Copper Americas.
