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Andean Silver Raises AU$40 Million via Share Placement; Shares Fall 18%

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Andean Silver (ASX:ASL) received firm commitments from institutional and sophisticated investors to raise AU$40 million, before costs, via a placement, according to a Wednesday Australian bourse filing.

The company will issue 16.3 million fully-paid ordinary shares in the company at an issue price of AU$2.45 per share.

It will use the proceeds to fund resource upgrade, studies, development, and early works at the Cerro Bayo project in Chile.

Its shares fell nearly 18% in recent trading on Wednesday.

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