Business
El Nino Ventures Inc. Announces Non-Brokered Private Placement
El Nino Ventures Inc. Announces Non-Brokered Private Placement
About this update from First Quantum Minerals Ltd.
[{"type":"text","content":"\n\n\n\nDec. 9, 2009 (Canada NewsWire Group) -- VANCOUVER, Dec. 9 /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 5,000,000 units at a price of $0.10 per unit (\"Unit\") for gross proceeds of up to $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 24 months. 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 Democratic Republic of Congo (\"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 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 (http://www.elninoventures.com/s/NewsReleases.asp?ReportID=333849) and February 25, 2009 (http://www.elninoventures.com/s/NewsReleases.asp?ReportID=339249).About El Nino Ventures Inc.El Nino Ventures is a mineral exploration company, focused on Copper/Cobalt exploration in the Democratic Republic of Congo (DRC) See releases (Jan. 12 2009) (http://www.elninoventures.com/i/pdf/011209ELN.pdf), February 25, 2009) (http://www.elninoventures.com/s/NewsReleases.asp?ReportID=339249). The Company is aggressively negotiating to acquire additional projects throughout Africa that are in line with our corporate objectives. The Company holds a 50% interest in an extensive base metal project located within the Bathurst mining camp. El Nino recently entered into an option agreement with Votorantim Metals Canada Inc. and Xstrata Zinc Canada 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 see release (August 6, 2009) ...