On April 17, 2008, Andean Resources Limited (ASX:AND; TSX:AND) announced that it had successfully completed its previously announced bought deal financing of 25,800,000 new shares. The offering was 1.8 times oversubscribed and raised $39,990,000, before expenses, primarily from North American based investors under a short form Canadian prospectus. The capital raised will be used to advance the exploration and development of the Company's Cerro Negro gold project in Argentina and for general working capital purposes. The offering was co-ordinated by a syndicate of underwriters led by BMO Capital Markets and including Haywood Securities, RBC Capital Markets and Paradigm Capital. The underwriters were advised by Fasken Martineau with a team that included Georges Dubé, Bo Crnatovic and Mitchell Thaw (tax), assisted by student-at-law Andrew Derksen.