Non-brokered deal raises proceeds for drilling at El Tigre property
By Devika Patel
Knoxville, Tenn., Nov. 10 - El Tigre Silver Corp. said it has negotiated a non-brokered private placement of units.
The company will sell 8 million units at C$0.25 apiece for C$2 million. Each unit consists of one common share and one warrant.
Each two-year warrant is exercisable at C$0.40 in the first year and at C$0.55 after the first year. The strike prices are 48.15% and 103.7% premiums to C$0.27, the Nov. 9 closing share price.
Proceeds will be used to fund the second phase of the work program on the company's El Tigre property, which will include a drill program to start in January 2011, and for general working capital purposes.
El Tigre is a mineral explorer in Vancouver, B.C.
| Issuer: | El Tigre Silver Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2 million
|
| Units: | 8 million
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40 in the first year, C$0.55 in the second year
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 10
|
| Stock symbol: | TSX Venture: ELS
|
| Stock price: | C$0.26 at close Nov. 10
|
| Market capitalization: | C$5.74 million
|
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