By Sheri Kasprzak
Atlanta, Nov. 29 - ECU Silver Mining Inc. said Thursday it will raise between C$500,000 and C$3 million in a private placement.
The company will sell a minimum of 2 million and a maximum of 12 million units at C$0.25 each. The units are comprised of one share and one warrant.
The warrants in the deal allow for an additional share at C$0.32 for two years.
Based in Rouyn-Noranda, Quebec, ECU is a silver exploration company. It plans to use the proceeds from the deal to fund continued development of its silver mines. The remaining funds will be used for working capital.
| Issuer: | ECU Silver Mining Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | C$500,000 (minimum); C$3 million (maximum)
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| Shares: | 2 million (minimum); 12 million (maximum)
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| Price: | C$0.25
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.32
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| Announcement date: | Nov. 25
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| Stock price: | C$0.31 at close Nov. 25
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