Proceeds of offering slated for work on the tailings recovery project
By Devika Patel
Knoxville, Tenn., July 25 - El Tigre Silver Corp. said it took in C$972,000 in the second and final tranche of a C$1.07 million non-brokered private placement of units. The deal priced for C$3 million on May 2 and raised C$100,000 on June 25.
The company sold 4,288,000 units of one common share and a half-share warrant at C$0.25 per unit. It sold 400,000 units in the initial tranche and 3,888,000 units in the second tranche.
Each whole warrant is 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 in Vancouver, B.C.
| Issuer: | El Tigre Silver Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1,072,000
|
| Units: | 4,288,000
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Pricing date: | May 2
|
| Settlement date: | June 25 (for C$100,000), July 25 (for C$972,000)
|
| Stock symbol: | TSX Venture: ELS
|
| Stock price: | C$0.27 at close May 2
|
| Market capitalization: | C$8.19 million
|
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