Two types of unit sold on a non-brokered basis to finance development
By Devika Patel
Knoxville, Tenn., Feb. 26 - El Nino Ventures Inc. said it plans a C$2 million non-brokered private placement of 33,333,333 units.
The company will sell flow-through units of one flow-through common share and one half-share warrant at C$0.065 per unit. The whole warrants are exercisable at C$0.13 each for 18 months.
The company also will sell non flow-through units of one common share and one half-share warrant at C$0.06 per unit. These warrants are exercisable at C$0.12 each for 18 months.
The warrant strike prices are 85.71% and 71.43% premiums, respectively, to the Feb. 25 closing share price of C$0.07.
Proceeds will be used for development and exploration of the Murray Brook Polymetallic project, exploration of the adjacent Camel Back property 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$2 million
|
| Units: | 33,333,333
|
| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 26
|
| Stock symbol: | TSX Venture: ELN
|
| Stock price: | C$0.07 at close Feb. 25
|
| Market capitalization: | C$4 million
|
|
|
| Flow-through units
|
| Price: | C$0.065
|
| Warrant strike price: | C$0.13
|
|
|
| Non flow-through units
|
| Price: | C$0.06
|
| Warrant strike price: | C$0.12
|
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