|By Marketwired .||
|December 12, 2012 08:13 PM EST||
TORONTO, ONTARIO -- (Marketwire) -- 12/13/12 -- MM Asset Management Inc. ("MMAM") announced that one fund it manages and advises, MMCAP International Inc. SPC ("MMCAP"), has acquired 1,221,500 common shares ("Shares") of Andina Minerals Inc. ("Andina") since a take-over bid for all of the outstanding Shares was filed by 1710503 Alberta Ltd., a wholly-owned subsidiary of Hochschild Mining plc, with the securities regulatory authorities on November 21, 2012. The 1,221,500 Shares were acquired through the facilities of the TSX Venture Exchange.
MMCAP now beneficially owns and MMAM exercises control and direction over 7,295,600 Shares of Andina, representing approximately 5.64% of the 129,271,087 outstanding Shares as of September 30, 2012 as per Andina's Management Discussion and Analysis dated November 27, 2012.
MMCAP has acquired such securities for investment purposes only. Depending on market conditions and other factors, MMCAP may from time to time acquire additional securities of Andina or dispose of such securities in the open market, by private agreement or otherwise.
MM Asset Management Inc.