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Resource Capital Fund ups Los Andes Copper stake to 9.87%

Resource Capital Fund VI LP raised its stakes in Los Andes Copper Ltd. to about 9.87% after the miner's recently closed private placement, through which RCF acquired 26.8 million Los Andes units, the fund said June 7.

Los Andes announced the two-tranche financing in April, with RCF to subscribe for the units at 33 Canadian cents apiece. Each unit comprises 1 common Los Andes share and half of a warrant, with a whole warrant exercisable for 1 common share at 50 cents for five years from the closing of the second tranche.

In addition to the 26.8 million shares, RCF also now owns 13.4 million warrants, which will further raise its shareholding to about 14.10% once fully exercised. RCF acquired the units for investment purposes.