VANCOUVER, Feb. 2, 2012 /CNW/ - El Niño Ventures Inc. ("ELN" and the "Company") (TSX.V: ELN; Frankfurt:
E7Q; OTCQX: ELNOF) announces that further to its news release dated November 21, 2011, the
Company will be proceeding with its non-brokered flow-through and non
flow-through private placement of up to 10,000,000 units for gross
proceeds up to $1,500,000.
Each non flow-through unit ("NFT Unit") at a price of $0.13 per NFT Unit
will consist 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 $0.23
per share for 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 $0.40 per share for 10
consecutive trading days on the TSX Venture Exchange.
Each flow-through unit ("FT Unit") will consist of one common
flow-through share in the capital of the Company and one-half of one
non flow-through share purchase warrant at a price of $0.15 per FT
Unit. Each whole warrant will entitle the holder thereof to purchase
one additional non flow-through common share of the Company at $0.25
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 $0.40 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 may pay finder's fees in connection with this private
placement as permitted by applicable securities laws and the TSX
Venture Exchange. 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 four months and a day after the closing date.
The closing of the private placement is subject to approval from the TSX
About El Niño Ventures Inc.:
El Niño Ventures Inc. is an international exploration company, focused
on exploring for lead, zinc, copper, gold and silver in New Brunswick,
Canada and copper in the Democratic Republic of Congo (ʺDRCʺ).
Murray Brook Project
In January 2011, ELN announced that it has provided notice to Votorantim
Metals Canada Inc.
(Votorantim) to enter into a Participation Agreement on the Murray Brook
Massive Sulphide Polymetallic deposit situated in the Bathurst Mining
Camp in New Brunswick, Canada. (See press release dated January 20th, 2011).
The first phase of the 2011 drill program was completed in spring/summer
2011 and significant intersections of zinc, copper, lead, gold and
silver were reported. The second phase of the drilling program was
initiated in September 2011 and results are expected before year end.
(See press release dated August 30, 2011). The Murray Brook 2012
Exploration program budget is currently set at $2.5 Million. This
program will consist of a multi phase drill program and a NI43-101
resource estimate with preliminary tonnage and grade calculations to be
completed in Q1-Q2 2012.
Bathurst Tri Party Agreement
Also in the Bathurst Mining Camp, El Niño has an additional project
whereby it holds a 50% interest in an extensive base metal deposit.
Located within the Bathurst Mining Camp in Bathurst, New Brunswick,
earlier drilling campaigns have been carried out on several historical
deposits of lead, zinc and copper mineralization within the large claim
block owned 50% ELN, 50% Xstrata Zinc. El Niño subsequently entered
into an option agreement with Votorantim Metals Canada Inc. and Xstrata
Zinc Canada (The Bathurst Tri Party Agreement) whereby Votorantim may
earn a 50% interest in El Niñoʹs landholdings by expending $10 million
over 5 years and may further increase its interest in El Niñoʹs
landholdings to 70% by expending an additional $10 million over a
further two years. (Please see press release dated February 23, 2011 ).
ELN's management is negotiating to acquire additional projects on an
international scale that meet our corporate objectives.
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
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:
Tel: +1 604 685 1870 Fax: +1 604 685 8045 Email: firstname.lastname@example.org or visit www.elninoventures.com 650-555 West 12th Avenue, Vancouver, B.C., Canada, V5Z 3X7