MMG Africa Investments Limited Acquires Units of El Nino Ventures Inc.
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, June 30, 2014 /CNW/ - MMG Africa Investments Limited ("MMG Africa"), an indirect wholly-owned subsidiary of MMG Limited, is pleased to announce that it has entered into a subscription agreement with El Nino Ventures Inc. (the "Company") dated today's date pursuant to which MMG Africa has acquired from the Company, on a private placement basis, 3,875,715 units (the "Units") of the Company, at a price of $0.07 per Unit, for a total purchase price of $271,300. Each Unit is comprised of one common share of the Company (each, a "Purchased Share") and one-half of one non-transferable common share purchase warrant (collectively, the "Warrants"). Subject to adjustment in certain events, each whole Warrant entitles MMG Africa to purchase one common share of the Company (each, a "Warrant Share") at a price of $0.14 per Warrant Share, at any time on or before 5:00 p.m. (Vancouver time) on June 30, 2015.
The Company also announced today the closing of a private placement of an additional 2,000,000 common shares and 142,857 units, each unit being comprised of one common share and on-half of one common share purchase warrant.
After giving effect to these transactions and assuming the exercise of all of the Warrants, MMG has beneficial ownership of or control over 5,813,573 common shares of the Company, representing approximately 15% of the issued and outstanding common shares of the Company.
The Purchased Shares and Warrants were acquired for investment purposes. In the future, MMG Africa or any of its joint actors may, subject to applicable law, acquire or dispose of common shares or other securities of the Company depending upon a number of factors, including but not limited to general market and economic conditions and other available investment opportunities.
SOURCE MMG Africa Investments LimitedFor further information:
For further information or to obtain copy of the early warning report filed by MMG Africa, please contact Kathleen Kawecki, Senior Group Communications Advisor at 61-3-9288-0996.
MMG Africa Investments Limited
c/o Offshore Inc. Limited, P.O. Box 957,
Offshore Incorporations Centre, Road Town,
Tortola, British Virgin Islands