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Erin Ventures Closes Second Tranche of its Private Placement
VICTORIA, BC / ACCESSWIRE / May 8, 2020 / Erin Ventures Inc. (" Erin " or the " Company ") (...
About this update from Boron One Holdings Inc
[{"type":"text","content":"Erin Ventures Closes Second Tranche of its Private PlacementVICTORIA, BC / ACCESSWIRE / May 8, 2020 / Erin Ventures Inc. (\"Erin\" or the \"Company\") (TSXV:EV) announces today that pursuant to a previously announced private placement on February 24, 2020, March 23, 2020 and the first tranche closing announced on April 7, 2020, for Units priced at $0.035 per Unit (the \"Offering\") the Company has raised an additional $184,916.90 by closing the second tranche of the Offering.Pursuant to the terms of the Offering, Erin issued 5,283,339 Units in this second tranche. Each Unit consists of one common share in the capital of the Company and one common share purchase warrant (a \"Warrant\"). Each Warrant will have a three year term (the \"Exercise Period\") and will be exercisable into one common share at a price of $0.075 in the first year and $0.10 thereafter per common share over the Exercise Period. During the Warrant Exercise Period, in the event the common shares of the Company close on the TSX Venture Exchange (\"TSXV\") at a price equal to or greater than the designated trigger price (as outlined below) for more than ten (10) consecutive trading days, the Company shall have the right to give written notice to the holder requiring the holder to exercise the Warrant, in whole or in part, within a period of thirty (30) days from the date of receipt of the notice from the Company. Any portion of the Warrant remaining unexercised after the expiration of the thirty (30) day period will be cancelled and will thereafter be void and of no force or effect. The designated trigger price is $0.15 per common share during the first year of the Warrant Exercise Period and $0.20 thereafter.The Company intends to use 55% of the net proceeds from the Offering, whether fully subscribed or not, to fund further development of its wholly owned Piskanja boron project in Serbia and 45% of the net proceeds from the Offering for general working capital purposes (consisting of payroll 28%, suppliers 11% and contractors 61%).The Offering was conducted on a private placement basis pursuant to prospectus exemptions of applicable securities laws and remains subject to final acceptance by the TSXV. The Units, and any Warrant Shares issued, will be subject to a four-month hold period. For the second tranche, Two arm's length finders are to be paid an aggregate...