Business
El Niño Ventures Inc. Announces Closing of Private Placement and New Control Person
VANCOUVER , Oct. 4, 2013 /CNW/ - El Niño Ventures Inc. ("ELN" and the "Company") (...
About this update from Metalquest Mining Inc
[{"type":"text","content":"\n\n\nVANCOUVER, Oct. 4, 2013 /CNW/ - El Niño Ventures Inc. (\"ELN\" and the \"Company\") (TSXV: ELN) (Frankfurt:\n E7Q) (OTCQX: ELNOF) announces that, further to its August 26, 2013 and September 12, 2013\n news releases, it has completed its final tranche of a non-brokered\n flow-through and non flow-through private placement of 13,150,000 units\n for proceeds of $263,000.    In aggregate, the private placement has\n been subscribed for a combined 15,850,000 units for gross proceeds of\n $317,000.\n\n\nEach non flow-through unit (\"NFT Unit\") consists of one common share and\n one-half of one non-transferable share purchase warrant (\"Warrant\") at\n a price of $0.02 per NFT Unit. Each Warrant will entitle the holder\n thereof to purchase one additional common share of the Company for a\n period of 24 months from the closing date at a price of $0.05 per share\n during the first year and $0.10 per share during the second year.\n\n\nEach flow-through unit (\"FT Unit\") consists of one common share and\n one-half of one non flow-through, non-transferable share purchase\n warrant (\"Warrant\") at a price of $0.02 per FT Unit. Each Warrant will\n entitle the holder thereof to purchase one additional non flow-through\n common share of the Company for a period of 24 months from the closing\n date at a price of $0.05 per share during the first year and $0.10 per\n share during the second year.\n\n\nHarry Barr, Chairman, Chief Executive Officer (\"CEO\") and a director of\n the Company, purchased 7,500,000 common shares and Warrants to purchase\n up to further 3,750,000 common shares in the capital stock of the\n Company for $150,000.  In addition, Mr. Barr is also Chairman, CEO and\n a director of Pacific North West Capital Corp. (\"PFN\") which holds\n 8,558,776 common shares of the Company. While Mr. Barr does not have\n sole control over the common shares held by PFN, he participates with\n both management and directors in the decision-making with respect to\n PFN's shares and so is deemed to have control over a total of\n 19,754,652 common shares representing 21.5% of the issued and\n outstanding common shares in the capital stock of the Company, thus Mr.\n Barr has become a New Control Person (as defined by the policies of the\n TSX Venture Exchange (\"Exchange\") and holds a sufficient number of\n votin...