Two unit types sold on a non-brokered basis to finance acquisitions
By Devika Patel
Knoxville, Tenn., March 7 - El Nino Ventures Inc. said it has increased a non-brokered private placement of units. It will raise C$2 million in the offering, which priced for C$1.5 million.
The company will sell 5 million flow-through units of one flow-through common share and one half-share warrant at C$0.10 each for C$500,000. The whole warrants are exercisable at C$0.20 each for one year.
The company also will sell 21,428,571 non flow-through units of one common share and one half-share warrant at C$0.07 each for C$1.5 million. These warrants are exercisable at C$0.10 each for 18 months.
The warrant strike prices are 135.29% and 17.65% premiums to the March 4 closing share price of C$0.085.
Proceeds will be used to acquire new projects in North America and Africa and for general working capital.
El Nino, based in Vancouver, B.C., is an exploration-stage company engaged in the acquisition, exploration and development of copper, cobalt and other mineral properties.
| Issuer: | El Nino Ventures Inc.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, non flow-through units of one common share and one half-share warrant
|
| Amount: | C$2 million
|
| Warrants: | One half-share warrant per unit
|
| Agent: | Non-brokered
|
| Upsized: | March 7
|
| Stock symbol: | TSX Venture: ELN
|
| Stock price: | C$0.085 at close March 4
|
| Market capitalization: | C$6.32 million
|
|
|
| Flow-through units
|
| Amount: | C$500,000
|
| Units: | 5 million
|
| Price: | C$0.10
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.20
|
|
|
| Non flow-through units
|
| Amount: | C$1.5 million
|
| Units: | 21,428,571
|
| Price: | C$0.07
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.10
|
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