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Private Chilean company sells water rights to Andina Minerals

Fasken
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Overview

Client

Inversiones y Asesorias en Recursos Hidricos S.A.

On May 30, 2008, Inversiones y Asesorias en Recursos Hidricos S.A. completed all outstanding requirements with respect to the sale of certain water rights held in Chile to Andina Minerals Inc. Andina entered into a letter agreement to acquire the water rights, at a total volume of 340 litres per second, from Inversiones y Asesorias en Recursos Hidricos S.A., a private Chilean company, in January 2008. With the conclusion of legal and technical due diligence, the execution of definitive documentation and receipt of necessary approvals from the TSX Venture Exchange, on May 30, 2008 Andina issued 6.7 million common shares to Inversiones y Asesorias en Recursos Hidricos S.A. for the purchase of the water rights. Inversiones y Asesorias en Recursos Hidricos S.A. was advised in this transaction by Fasken Martineau with a team led by John Sabetti and comprised of Krisztian Toth and Mitchell Thaw (tax).

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