Proceeds of offering slated for work on the tailings recovery project
By Devika Patel
Knoxville, Tenn., Dec. 30 - El Tigre Silver Corp. said it took in C$734,000 in the first tranche of a C$2 million non-brokered private placement of units. The deal priced Dec. 15.
The company is selling 8 million units of one common share and a half-share warrant at C$0.25 per unit. It sold 2,936,000 units in the initial tranche.
Each whole warrant is exercisable at C$0.40 for two years. The strike price reflects a 66.67% premium to the Dec. 14 closing share price of C$0.24.
Proceeds will be used for work on the tailings recovery project, exploration on the El Tigre property and general working capital purposes.
El Tigre is a silver explorer in Vancouver, B.C.
| Issuer: | El Tigre Silver Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$2 million
|
| Units: | 8 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 15
|
| Settlement date: | Dec. 30 (for C$734,000)
|
| Stock symbol: | TSX Venture: ELS
|
| Stock price: | C$0.24 at close Dec. 14
|
| Market capitalization: | C$6.31 million
|
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