Two types of unit sold on a best-efforts basis to finance exploration
By Devika Patel
Knoxville, Tenn., June 25 - El Nino Ventures Inc. said it plans a C$2 million private placement of units through agent Desjardins Securities Inc. The deal will be conducted alongside, and on the same terms, as the C$2 million non-brokered private placement of units that priced on May 14. Both sales will be on a best-efforts basis.
The company is selling 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 is selling 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 from both offerings will be used for the 2012 exploration budget at the Murray Brook Polymetallic project in Bathurst, New Brunswick 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$4 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Agent: | Non-brokered (for C$2 million), Desjardins Securities Inc. (for C$2 million)
|
| Pricing date: | May 14
|
| Upsized: | June 25
|
| Stock symbol: | TSX Venture: ELN
|
| Stock price: | C$0.13 at close May 11
|
| Market capitalization: | C$4.76 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
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
