Proceeds of offering slated for work on the tailings recovery project
By Devika Patel
Knoxville, Tenn., May 2 - El Tigre Silver Corp. said it has arranged a C$3 million non-brokered private placement of units.
The company will sell 12 million units of one common share and a half-share warrant at C$0.25 per unit.
Each whole warrant will be exercisable at C$0.40 for 18 months. The strike price reflects a 48.15% premium to the May 1 closing share price of C$0.27.
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 based 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$3 million
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Units: | 12 million
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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: | 18 months
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Warrant strike price: | C$0.40
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Agent: | Non-brokered
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Pricing date: | May 2
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Stock symbol: | TSX Venture: ELS
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Stock price: | C$0.27 at close May 2
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Market capitalization: | C$9.76 million
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