|By PR Newswire||
|December 31, 2012 12:49 PM EST||
VANCOUVER, Dec. 31, 2012 /CNW/ - El Niño Ventures Inc. ("ELN" and the "Company") (TSX.V: ELN; Frankfurt: E7Q.N; OTCQX: ELNOF) is pleased to announce that it has closed the second and final tranche of its non-brokered flow-through and non flow-through private placement for gross proceeds of $303,000.
The Company issued 2,866,667 non flow-through units (NFT Units) at a price of $0.09 per NFT Unit. Each NFT Unit consists of one common share and one-half of one non-transferable share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to purchase one common share of the Company at a price of $0.15 per share for a period of 18 months from closing subject to an accelerated expiry, such expiry being accelerated to 30 days in the event the Company's shares have closed at or above a price of $0.25 per share for 10 consecutive trading days on the TSX Venture Exchange.
In addition, the Company issued 450,000 flow-through units ("FT Unit") at $0.10 per FT Unit. Each FT Unit consists of one common flow-through share and one-half of one non-transferable, non flow-through, share purchase warrant. Each whole Warrant will entitle the holder to purchase one non flow-through common share of the Company at a price of $0.16 per share for a period of 18 months from closing subject to an accelerated expiry, such expiry being accelerated to 30 days in the event the Company's shares have closed at or above a price of $0.26 per share for 10 consecutive trading days on the TSX Venture Exchange.
The proceeds of this private placement will be used to fund the 2012 exploration budget at the Murray Brook Polymetallic project in Bathurst, New Brunswick and general working capital.
The Company will pay $3,150 and 31,500 warrants in finder's fees in connection with this second and final tranche closing of the private placement.
All of the securities to be issued by the Company in connection with this private placement will be subject to a hold period which expires May 1, 2013, four months and one day after the closing date.
About El Niño Ventures Inc.
El Niño Ventures Inc. is an international exploration company, focused on exploring for zinc, copper, gold, silver and lead in New Brunswick, Canada and copper/cobalt in the Democratic Republic of Congo ("DRC").
On Behalf of the Board of Directors,
John Oness, COO & Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Note: this release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as "continue", "efforts", "expect", "believe", "anticipate", "confident", "intend", "strategy", "plan", "will", "estimate", "project", "goal", "target", "prospects", "optimistic" or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company's ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.
SOURCE El Nino Ventures Inc.
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