• Andean raises $30m via institutional placement at $1.85 per share
• Company to also undertake $3m non-underwritten share purchase plan (SPP)
• Funds to accelerate drilling, project studies and potential land acquisitions

Andean Silver Limited (ASX: ASL) has received firm commitments from institutional and sophisticated investors to raise A$30 million (before costs) through the issue of 16,216,217 fully paid ordinary shares at A$1.85 per share. The company will also undertake a Share Purchase Plan (SPP) to raise approximately $3 million via the issue of shares at the same price as the placement. The proceeds from the placement and SPP will be utilized to accelerate drilling activities at the Cerro Bayo Silver-Gold Project, including resource growth, resource conversion, and regional exploration. Additionally, funds will support the advancement of project studies, the evaluation of land right acquisitions in areas proximal to Cerro Bayo, and general working capital requirements as well as costs associated with the capital raising. Andean CEO Tim Laneyrie stated that the funds will help the company unlock growth opportunities and enable it to deliver a resource upgrade in the new year while ramping up drilling to grow and upgrade the resource. The company is well-positioned in the silver market with its significant existing infrastructure, which will help deliver a capital-light restart in the quickest and most efficient manner.