Two types of units sold on a non-brokered basis to finance exploration
By Devika Patel
Knoxville, Tenn., April 3 - El Nino Ventures Inc. said it took in C$921,190 in the second tranche of a C$1.5 million non-brokered private placement of units. The deal priced Nov. 21 and raised C$442,450 on Feb. 17.
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 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. It sold 2,288,334 flow-through units and 4,445,692 non flow-through units in the second tranche.
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.
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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
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Amount: | C$1.5 million
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Agent: | Non-brokered
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Pricing date: | Nov. 21
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Settlement date: | Feb. 17 (for C$442,450), April 3 (for C$921,190)
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Stock symbol: | TSX Venture: ELN
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Stock price: | C$0.135 at close Nov. 18
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Market capitalization: | C$5.48 million
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Flow-through units
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Price: | C$0.15
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Warrant strike price: | C$0.25
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Non flow-through units
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Price: | C$0.13
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Warrant strike price: | C$0.23
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