Proceeds of offering slated for work on the tailings recovery project
By Devika Patel
Knoxville, Tenn., Nov. 15 - El Tigre Silver Corp. said it raised C$1.25 million in the second and final tranche of a C$2.23 million non-brokered private placement of units. The deal priced for C$3 million on Sept. 17 and raised C$977,000 on Oct. 19.
The company sold 8,908,000 units of one common share and a half-share warrant at C$0.25 per unit. It sold 3,908,000 units in the initial tranche and 5 million units in the second tranche.
Each whole warrant is exercisable at C$0.38 for two years. The strike price reflects a 20.63% premium to the Sept. 14 closing share price of C$0.315.
Proceeds will be used for work on the tailings recovery project, exploration on the El Tigre Property and general working capital.
El Tigre is a silver explorer based in Vancouver, B.C.
| Issuer: | El Tigre Silver Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$2,227,000
|
| Units: | 8,908,000
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.38
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 17
|
| Settlement date: | Oct. 19 (for C$977,000), Nov. 15 (for C$1.25 million)
|
| Stock symbol: | TSX Venture: ELS
|
| Stock price: | C$0.315 at close Sept. 14
|
| Market capitalization: | C$1.7 million
|
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