Two types of unit sold on a best-efforts basis to finance exploration
By Devika Patel
Knoxville, Tenn., Dec. 31 - El Nino Ventures Inc. said it raised C$303,000 in the second and final tranche of a C$1.66 million non-brokered private placement of units. The deal priced for C$2 million on May 14 and was amended to raise C$4 million on June 25. The company again amended the placement to raise C$3 million on Sept. 7 and raised C$1.35 million on Oct. 5.
The company sold 9,315,000 flow-through units of one flow-through common share and one half-share warrant at C$0.10 per unit. The whole warrants are exercisable at C$0.16 each for 18 months.
The company also sold 8,032,800 non-flow-through units of one common share and one half-share warrant at C$0.09 per unit. These warrants are exercisable at C$0.15 each for 18 months.
The warrant strike prices are 23.08% and 15.39% premiums to the May 11 closing share price of C$0.13.
In the first tranche, the company sold 8,865,000 flow-through units and 5,166,133 non-flow-through units. Pacific North West Capital Corp. was among the investors for this tranche. In the second tranche, the company sold 450,000 flow-through units and 2,866,667 non-flow-through units.
Proceeds from both offerings will be used for the 2012 exploration budget at the Murray Brook Polymetallic project in Bathurst, N.B., and 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$1,654,452
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Agent: | Non-brokered
|
| Investors: | Pacific North West Capital Corp.
|
| Pricing date: | May 14
|
| Revised: | June 25, Sept. 7
|
| Settlement dates: | Oct. 5 (for C$1,351,452), Dec. 31 (for C$303,000)
|
| Stock symbol: | TSX Venture: ELN
|
| Stock price: | C$0.13 at close May 11
|
| Market capitalization: | C$4.37 million
|
|
|
| Flow-through units
|
| Amount: | C$931,500
|
| Units: | 9,315,000
|
| Price: | C$0.10
|
| Warrant strike price: | C$0.16
|
|
|
| Non-flow-through units
|
| Amount: | C$722,952
|
| Units:" | 8,032,800
|
| Price: | C$0.09
|
| Warrant strike price: | C$0.15
|
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