Two types of unit sold on a best-efforts basis to finance exploration
By Devika Patel
Knoxville, Tenn., Sept. 7 - El Nino Ventures Inc. said it has once again revised a non-brokered private placement of units to raise C$3 million. The deal priced for C$2 million on May 14 and was previously amended to raise C$4 million on June 25.
The company is selling 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 is selling 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.
Proceeds from both offerings will be used for the 2012 exploration budget at the Murray Brook Polymetallic project in Bathurst, New Brunswick, and for 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
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| Amount: | C$3 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: | May 14
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| Revised: | June 25, Sept. 7
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| Stock symbol: | TSX Venture: ELN
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| Stock price: | C$0.13 at close May 11
|
| Market capitalization: | C$5.29 million
|
|
|
| Flow-through units
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| Price: | C$0.10
|
| Warrant strike price: | C$0.16
|
|
|
| Non flow-through units
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| Price: | C$0.09
|
| Warrant strike price: | C$0.15
|
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