By Devika Patel
Knoxville, Tenn., Aug. 25 - El Nino Ventures Inc. said it took in C$452,800 in the first tranche of a non-brokered private placement of units. The deal priced for C$2.25 million on May 4 and was decreased to C$2 million on July 27.
The company is selling units at C$0.08 apiece. It sold 5.66 million units in this tranche. Each unit consists of one share and one warrant. Each warrant is exercisable at C$0.15, lowered from C$0.25, for 18 months.
If the company's shares close at or above C$0.25 for 10 consecutive trading days, the warrants will expire 30 days after such an event.
Proceeds will be used for exploration and general working capital.
El Nino Ventures, based in Vancouver, B.C., is an exploration-stage company engaged in the acquisition, exploration and development of mineral properties.
| Issuer: | El Nino Ventures Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$2 million
|
| Price: | C$0.08
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | May 4
|
| Amended: | July 27
|
| Settlement date: | Aug. 25 (for C$452,800)
|
| Stock symbol: | TSX Venture: ELN
|
| Stock price: | C$0.07 at close May 1
|
| Market capitalization: | C$2.64 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
