Proceeds of offering slated for work on the tailings recovery project
By Devika Patel
Knoxville, Tenn., June 25 - El Tigre Silver Corp. said it raised C$100,000 in the first tranche of a C$3 million non-brokered private placement of units. The deal priced May 2.
The company is selling 12 million units of one common share and a half-share warrant at C$0.25 per unit. It sold 400,000 units in the initial tranche.
Each whole warrant is exercisable at C$0.40 for 18 months. The strike price reflects a 48.15% premium to the May 1 closing share price of C$0.27.
Settlement of the second tranche is expected by July 25.
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.
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Issue: | Units of one common share and a half-share warrant
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Amount: | C$3 million
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Units: | 12 million
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Price: | C$0.25
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.40
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Agent: | Non-brokered
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Pricing date: | May 2
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Settlement date: | June 25 (for C$100,000), July 25
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Stock symbol: | TSX Venture: ELS
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Stock price: | C$0.27 at close May 2
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Market capitalization: | C$9.41 million
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