Two types of unit sold on a non-brokered basis to finance exploration
By Devika Patel
Knoxville, Tenn., May 14 - El Nino Ventures Inc. said it plans a C$2 million non-brokered private placement of up to a combined 18,181,818 units.
The company will sell flow-through units of one flow-through common share and one half-share warrant at C$0.13 per unit. The whole warrants are exercisable at C$0.23 each for 18 months.
The company also will sell non flow-through units of one common share and one half-share warrant at C$0.11 per unit. These warrants are exercisable at C$0.21 each for 18 months.
The warrant strike prices are 76.92% and 61.54% premiums to the May 11 closing share price of C$0.13.
Proceeds 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$2 million
|
| Units: | Up to 18,181,818
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Agent: | Non-brokered
|
| Pricing date: | May 14
|
| Stock symbol: | TSX Venture: ELN
|
| Stock price: | C$0.13 at close May 11
|
| Market capitalization: | C$5.24 million
|
|
|
| Flow-through units
|
| Price: | C$0.13
|
| Warrant strike price: | C$0.23
|
|
|
| Non flow-through units
|
| Price: | C$0.11
|
| Warrant strike price: | C$0.21
|
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