By Devika Patel
New York, July 27 - El Nino Ventures Inc. said it now plans to raise up to C$2 million in a non-brokered private placement of units. The deal priced for C$2.25 million on May 4.
The company has reduced the unit price to C$0.08 per unit from C$0.10 per unit. Each unit will consist of one share and one warrant. Each warrant is exercisable at C$0.15, lowered from C$0.25, for 18 months.
The warrants may expire sooner if the company's shares close at or above C$0.25 for 10 consecutive trading days. In that case, the warrants will expire 30 days after such an event.
Proceeds will be used for exploration and general working capital.
El Nino Ventures, based in Vancouver, B.C., is an exploration stage company engaged in the acquisitions, exploration and development of mineral properties.
| Issuer: | El Nino Ventures Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$2 million (maximum)
|
| Price: | C$0.08
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.15
|
| Agent: | Non-brokered
|
| Pricing date: | May 4
|
| Amended: | July 27
|
| Stock symbol: | TSX Venture: ELN
|
| Stock price: | C$0.07 at close May 1
|
| Market capitalization: | C$3.45 million
|
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