Deal sells 15 million common shares, full warrants at C$0.07 per unit
By Devika Patel
Knoxville, Tenn., Nov. 5 - Erin Ventures Inc. said it will conduct a C$1.05 million private placement of units.
The company will sell 15 million units of one common share and one warrant at C$0.07 per unit. Each two-year warrant will be exercisable at C$0.15 in the first year and at C$0.30 in the second year. The strike prices are 59.46% and 18.92% discounts to C$0.37, the Nov. 2 closing share price.
Proceeds will be used for exploration and other expenses on the company's Piskanja boron project in Serbia and for working capital.
Erin is a Victoria, B.C.-based gold and quartz explorer.
| Issuer: | Erin Ventures Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.05 million
|
| Units: | 15 million
|
| Price: | C$0.07
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15 in the first year, C$0.30 in the second year
|
| Pricing date: | Nov. 5
|
| Stock symbol: | TSX Venture: EV
|
| Stock price: | C$0.37 at close Nov. 2
|
| Market capitalization: | C$8.95 million
|
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