Proceeds of offering slated for exploration on the El Tigre Property
By Devika Patel
Knoxville, Tenn., Sept. 20 - El Tigre Silver Corp. said it raised C$200,000 in the initial tranche of a C$1.5 million non-brokered private placement of units. The deal priced Sept. 5.
The company is selling 6 million units of one common share and a half-share warrant at C$0.25 per unit. It sold 800,000 units in the first tranche.
Each whole warrant will be exercisable at C$0.38 for two years. The strike price reflects a 72.73% premium to the Sept. 4 closing share price of C$0.22.
Proceeds will be used for 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$1.5 million
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Units: | 6 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: | Two years
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Warrant strike price: | C$0.38
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Agent: | Non-brokered
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Pricing date: | Sept. 5
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Settlement date: | Sept. 20 (for C$200,000)
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Stock symbol: | TSX Venture: ELS
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Stock price: | C$0.22 at close Sept. 4
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Market capitalization: | C$12.16 million
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