Proceeds of offering slated for work on the tailings recovery project
By Devika Patel
Knoxville, Tenn., Jan. 27 - El Tigre Silver Corp. said it took in C$382,000 in the second and final tranche of a C$1.12 million non-brokered private placement of units. The deal priced for C$2 million on Dec. 15 and raised C$734,000 on Dec. 30.
The company sold 4,464,000 units of one common share and a half-share warrant at C$0.25 per unit. It sold 2,936,000 units in the initial tranche and 1,528,000 units in the second tranche.
Each whole warrant is exercisable at C$0.40 for two years. The strike price reflects a 66.67% premium to the Dec. 14 closing share price of C$0.24.
Proceeds will be used for work on the tailings recovery project, exploration on the El Tigre property and general working capital purposes.
El Tigre is a silver explorer in Vancouver, B.C.
Issuer: | El Tigre Silver Corp.
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Issue: | Units of one common share and a half-share warrant
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Amount: | C$1,116,000
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Units: | 4,464,000
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Price: | C$0.25
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.40
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Agent: | Non-brokered
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Pricing date: | Dec. 15
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Settlement dates: | Dec. 30 (for C$734,000), Jan. 27 (for C$382,000)
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Stock symbol: | TSX Venture: ELS
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Stock price: | C$0.24 at close Dec. 14
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Market capitalization: | C$7.97 million
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