By Sheri Kasprzak
New York, Jan. 13 - ECU Silver Mining Inc. said it has completed a private placement for C$1,951,894.
The company issued a total of 5,576,842 units at C$0.35 each.
The units consist of one share and one half-share warrant. The full warrants are exercisable at C$0.50 each through Dec. 13, 2007.
Proceeds will be used for the exploration and development of the company's Velardena property in Mexico. The rest will be used for working capital.
The latest offering brings to C$5,755,744 the proceeds raised in the unit offering. The company had previously sold 10,868,143 units in the deal.
Union Securities Ltd. was the placement agent for the offering.
Based in Rouyn-Noranda, Quebec, ECU is a silver exploration company.
| Issuer: | ECU Silver Mining Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1,951,894
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| Units: | 5,576,842
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Dec. 13, 2007
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| Warrant strike price: | C$0.50
|
| Placement agent: | Union Securities Ltd.
|
| Settlement date: | Jan. 13
|
| Stock symbol: | TSX Venture: ECU
|
| Stock price: | C$0.58 at close Jan. 13
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