By Devika Patel
Knoxville, Tenn., Aug. 29 - El Nino Ventures Inc. announced it increased the size of a previously announced private placement of units to up to C$5.3 million from C$5 million. El Nino Ventures announced it had entered into an agreement with Cormark Securities Inc. as lead agent and Haywood Securities Inc. for the placement on Aug. 9.
The company will now sell up to 5,888,889 units at C$0.90 per unit. As previously reported, each unit consists of one share and one half-share warrant. Each whole warrant is exercisable at C$1.40 for 18 months.
The securities have a four-month hold period.
Closing is expected to occur by Aug. 30.
Proceeds will be used for exploration, drilling and engineering at the company's properties in the Democratic Republic of Congo and for general corporate purposes.
The agents will receive a 6% commission of the gross proceeds raised. They also will receive 18-month broker warrants equal to 6% of the number of units bought. Each broker warrant will entitle the agents to purchase one unit at the issue price.
El Nino Ventures, based in Vancouver, B.C., is an exploration-stage company engaged in the acquisitions, exploration and development of mineral properties.
| Issuer: | El Nino Ventures Inc.
|
| Issue: | Units of one share and one half share warrant
|
| Amount: | C$5.3 million (maximum)
|
| Units: | 5,888,889 (maximum)
|
| Price: | C$0.90
|
| Warrants: | One half warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.40
|
| Agents: | Cormark Securities Inc. (lead) and Haywood Securities Inc.
|
| Pricing date: | Aug. 9
|
| Upsized: | Aug. 29
|
| Stock symbol: | TSX Venture: ELN
|
| Stock price: | C$1.12 at close Aug. 8
|
| Stock price: | C$0.79 at close Aug. 28
|
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