By Sheri Kasprzak
New York, Nov. 8 - ECU Silver Mining Inc. said it has arranged a private placement for up to C$5,005,000.
The company intends to sell up to 14.3 million units at C$0.35 each.
The units include one share and one and one half-share warrant. The full warrants are exercisable at C$0.50 each for two years.
Union Securities Ltd. is the placement agent and has an over-allotment option for up to 15% of the units issued.
Proceeds will be used for exploration and development at the company's Velardena property in Mexico. The rest will be used for working capital.
Based in Rouyn-Noranda, Quebec, ECU is a silver exploration company.
| Issuer: | ECU Silver Mining Inc.
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| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$5,005,000 (maximum)
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| Units: | 14.3 million (maximum)
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| Greenshoe: | Up to 15% of the units issued
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| Price: | C$0.35
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| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
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| Warrant strike price: | C$0.50
|
| Placement agent: | Union Securities Ltd.
|
| Pricing date: | Nov. 8
|
| Stock price: | C$0.37 at close Nov. 7
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