Two types of units sold on a non-brokered basis to finance exploration
By Devika Patel
Knoxville, Tenn., April 18 - El Nino Ventures Inc. said it raised C$147,760 in the third and final tranche of a C$1.51 million oversubscribed non-brokered private placement of units. The deal priced for C$1.5 million Nov. 21 and took in C$442,450 on Feb. 17 and C$921,190 on April 3.
The company sold a total of 3,353,334 flow-through units of one flow-through common share and one half-share warrant at C$0.15 per unit. The whole warrants are exercisable at C$0.25 each for 18 months.
The company also sold 7,756,923 non-flow-through units of one common share and one half-share warrant at C$0.13 per unit. These warrants are exercisable at C$0.23 each for 18 months.
The warrant strike prices are 85.19% and 70.37% premiums to the Nov. 18 closing share price of C$0.135.
In the first tranche, El Nino sold 540,000 flow-through units and 2,780,385 non-flow-through units. It sold 2,288,334 flow-through units and 4,445,692 non-flow-through units in the second tranche. The company sold 525,000 flow-through units and 530,846 non-flow-through units in the third tranche.
Proceeds will be used for exploration at the Murray Brook Polymetallic project and general working capital.
El Nino, based in Vancouver, B.C., is an exploration-stage company engaged in the acquisition, exploration and development of copper, cobalt and other mineral properties.
| Issuer: | El Nino Ventures Inc.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, non-flow-through units of one common share and one half-share warrant
|
| Amount: | C$1,511,400
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 21
|
| Settlement dates: | Feb. 17 (for C$442,450), April 3 (for C$921,190), April 18 (for C$147,760)
|
| Stock symbol: | TSX Venture: ELN
|
| Stock price: | C$0.135 at close Nov. 18
|
| Market capitalization: | C$4.76 million
|
|
|
| Flow-through units
|
| Amount: | C$503,000
|
| Units: | 3,353,334
|
| Price: | C$0.15
|
| Warrant strike price: | C$0.25
|
|
|
| Non-flow-through units
|
| Amount: | C$1,008,400
|
| Units: | 7,756,923
|
| Price: | C$0.13
|
| Warrant strike price: | C$0.23
|
© 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.
