Andover Mining Corp. announced that it expects to receive CAD 1.50 million in funding.
On May 16, 2013, the company amended the terms of the transaction. The company will now issue 10,567,767 units for gross proceeds of CAD 1,585,165. It has issued 6,666,667 units for gross proceeds of CAD 1,000,000.05 in its first tranche. No insiders of the company participated in the transaction.
On May 29, 2013, the company announced that TSX Venture Exchange has accepted for filing documentation. The tranche involved participation from five placees. Raghu Kilambis of Kirarv Capital will receive 666,666 finder's units comprised of one common share and one non-transferable share purchase warrant as finder's fee. Each whole finder's warrant is exercisable into one common share at CAD 0.15 per share for a two year period.
On May 30, 2013, the company announced that the TSX Venture Exchange has accepted for filing documentation with respect to the second and final tranche of the transaction. The company will issue 665,000 units as part of the last tranche. The transaction will see participation from two placees. The pro groups will invest for all the units as part of the last tranche. The company will pay finder's fees through issue of 66,500 finder's units to Haywood Securities Inc.