Company sells almost 20 million units for C$0.06 each
By Devika Patel
Knoxville, Tenn., July 27 - Erin Ventures Inc. said it settled a C$1.15 million private placement of units. The deal priced for C$1.6 million on May 29 and was revised to raise C$1.2 million on June 29.
The company sold 19,214,996 units of one common share and one warrant at C$0.06 per unit.
Each two-year warrant is exercisable at C$0.12 in the first year and at C$0.25 in the second year. The strike prices are 33.33% and 177.78% premiums to C$0.09, the May 28 closing share price.
Proceeds will be used for the company's exploration activities on its Piskanja, Serbia, property and for working capital purposes.
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$1,152,900
|
| Units: | 19,214,996
|
| Price: | C$0.06
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.12 in the first year, C$0.25 in the second year
|
| Pricing date: | May 29
|
| Revised: | June 29
|
| Settlement date: | July 27
|
| Stock symbol: | TSX Venture: EV
|
| Stock price: | C$0.09 at close May 28
|
| Market capitalization: | C$9.05 million
|
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