VANCOUVER, Oct. 16 /CNW/ - El Nino Ventures Inc. ("ELN" and the "Company") (TSX.V: ELN; Frankfurt: E7Q) is pleased to announce a non-brokered private placement of up to 21,428,571 units at a price of $0.07 per unit ("Unit") for gross proceeds of up to $1,500,000.
Each Unit will consist of one common share (a "Common Share") and one share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one Common Share at a price of $0.15 per share for a period of 18 months, subject to 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 ten consecutive trading days. A finder's fee may be paid in relation to this financing, in accordance with regulatory policies. The foregoing is subject to regulatory approval.
The proceeds of this private placement will be used to advance the DRC projects, acquire new projects and for general working capital.
El Nino's immediate objective will be to finance the Company to a level which will secure the advancement of its properties in the Democratic Republic of Congo ("DRC") where the Company made a significant Copper discovery, which is now known as the Kasala Project. The Kasala Project has several intercepts of ore grade material with thickness varying from 50 to 90 meters. Please refer to press releases dated January 12, 2009 and February 25, 2009.
About El Nino Ventures Inc.
El Nino Ventures is an exploration company, focused on exploring for Copper/Cobalt in the DRC. In addition, the Company holds a 50% interest in an extensive base metal project located within the Bathurst mining camp, New Brunswick. El Nino recently entered into an option agreement with Votorantim Metals Canada Inc. and Xstrata Zinc whereby Votorantim may earn a 50% interest in El Nino's landholdings by expending $10 million over 5 years and may further increase its interest in El Nino's landholdings to 70% by expending an additional $10 million over a further two years. (Please refer to ELN's August 6, 2009 news release).
On Behalf of the Board of Directors,
Harry Barr, Chairman and CEO
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 CUSIP
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.
For further information: For further information: Fern Turner, Tel: (604) 685-1870, Toll Free: 1-800-667-1870, Fax: (604) 685-8045, Email: email@example.com or visit: www.elninoventures.com