Andover Mining Corp. (TSXV:AOX) announced a non-brokered private placement of 10,000,000 units at CAD 0.15 per unit for gross proceeds of up to CAD 1,500,000 on April 18, 2013. Each unit consists of one common share and one warrant. Each warrant entitles the holder to purchase one common share of the company at CAD 0.15 per share for a period of two years. The securities issued under the private placement will be subject to a four month hold period. Finder's fee of 10% will be payable of the proceeds. The private placement is subject to acceptance for filing by the TSX Venture Exchange.

On May 16, 2013, the company amended the terms of the transaction. The company will now issue 10,567,767 units for gross proceeds of CAD 1,585,165. It has issued 6,666,667 units for gross proceeds of CAD 1,000,000.05 in its first tranche. No insiders of the company participated in the transaction.

On May 29, 2013, the company announced that TSX Venture Exchange has accepted for filing documentation. The tranche involved participation from five placees. Raghu Kilambis of Kirarv Capital will receive 666,666 finder's units comprised of one common share and one non-transferable share purchase warrant as finder's fee. Each whole finder's warrant is exercisable into one common share at CAD 0.15 per share for a two year period.

On May 30, 2013, the company announced that the TSX Venture Exchange has accepted for filing documentation with respect to the second and final tranche of the transaction. The company will issue 665,000 units as part of the last tranche. The transaction will see participation from two placees. The pro groups will invest for all the units as part of the last tranche. The company will pay finder's fees through issue of 66,500 finder's units to Haywood Securities Inc.

On May 31, 2013, Andover Mining Corp. closed the transaction. The company issued 665,000 units as part of the last tranche for proceeds of CAD 99,750. The company has raised CAD 1,684,915 through issue of 11,232,767 units from the transaction. The warrants issued as part of the transaction will mature on May 31, 2015. The company issued finder's units to a finder equal to up to 10% of the number of units placed through the finder as part of the transaction. An aggregate total of 666,666 finder's units were issued. The shares and warrants issued pursuant to the private placement and any shares issued on exercise of the warrants are subject to four-month resale restriction that expires on October 1, 2013.