TSX.V: ELN FSE: E7Q.N OTCQX: ELNOF
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,
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