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 ("DRC").
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.