By Sheri Kasprzak
New York, Feb. 15 - ELE Capital Corp. said it has completed a C$2.5 million private placement.
The company sold 10 million subscription receipts at C$0.25 each.
The receipts are exchangeable on a one-for-one basis for units of one share and one half-share warrant upon the completion of the company's reverse takeover of Oriel Resources plc.
The whole warrants are exercisable at C$0.50 each through Feb. 14, 2007 and at C$0.75 each from Feb. 15, 2007 through Feb. 14, 2008.
Haywood Securities Inc. was the placement agent.
Proceeds will be used for exploration activities.
Based in Vancouver, B.C., ELE Capital currently has no operations but had previously been an e-mail scanning software developer.
| Issuer: | ELE Capital Corp.
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| Issue: | Subscription receipts exchangeable for units of one share and one half-share warrant
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| Amount: | C$2.5 million
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| Receipts: | 10 million
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| Price: | C$0.25
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| Warrants: | One half-share warrant per unit upon exchange
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| Warrant expiration: | Feb. 14, 2008
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| Warrant strike price: | C$0.50 through Feb. 14, 2007; C$0.75 from Feb. 15, 2007 through Feb. 14, 2008
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| Placement agent: | Haywood Securities Inc.
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| Settlement date: | Feb. 15
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| Stock symbol: | TSX Venture: ECC
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| Stock price: | C$0.30 at close Feb. 15
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