By Sheri Kasprzak
Atlanta, Jan. 18 - ECU Silver Mining Inc. has closed a previously announced private placement for C$2,863,651.
The company sold 11,454,604 units at C$0.25 each. The units include one share and one warrant.
The warrants allow for an additional share at C$0.32 each before Nov. 29, 2006 for subscribers of the first closing on Nov. 29. For subscribers of the second closing on Dec. 1, the warrants expire Dec. 1, 2006. The warrants expire on Dec. 3, 2006 for subscribers of the third closing and Dec. 14, 2006 for subscribers of the fourth closing. The warrants expire Dec. 15, 2006 for those who subscribed to the fifth closing and on Dec. 23, 2006 for the subscribers of the sixth closing. The warrants issued to those who subscribed to the seventh closing will expire Jan. 5, 2007 and on Jan. 14, 2007 for the subscribers of the eighth closing.
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.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$2,863,651
|
| Units: | 11,454,604
|
| Price: | C$0.25
|
| 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
|
| Settlement date: | Jan. 14
|
| Stock price: | C$0.31 at close Nov. 25
|
| Stock price: | C$0.30 at close Jan. 14
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