Two types of units sold on non-brokered basis to finance exploration
By Devika Patel
Knoxville, Tenn., Feb. 17 - El Nino Ventures Inc. said it raised C$442,450 in the first tranche of a C$1.5 million non-brokered private placement of units. The deal priced on Nov. 21.
The company is selling flow-through units of one flow-through common share and one half-share warrant at C$0.15 per unit. The whole warrants are exercisable at C$0.25 each for 18 months.
The company also is selling non flow-through units of one common share and one half-share warrant at C$0.13 per unit. These warrants are exercisable at C$0.23 each for 18 months.
The warrant strike prices are 85.19% and 70.37% premiums, respectively, to the Nov. 18 closing share price of C$0.135.
In the first tranche, El Nino sold 540,000 flow-through units and 2,780,385 non flow-through units.
Proceeds will be used for exploration at the Murray Brook Polymetallic project 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$1.5 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Agent: | Non-brokered
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| Pricing date: | Nov. 21
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| Settlement date: | Feb. 17 (for C$442,450)
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| Stock symbol: | TSX Venture: ELN
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| Stock price: | C$0.135 at close Nov. 18
|
| Market capitalization: | C$6.19 million
|
|
|
| Flow-through units
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| Price: | C$0.15
|
| Warrant strike price: | C$0.25
|
|
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| Non flow-through units
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| Price: | C$0.13
|
| Warrant strike price: | C$0.23
|
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