Business
El Nino Ventures announces a Non-Brokered Private Placement
El Nino Ventures announces a Non-Brokered Private Placement
About this update from Metalquest Mining Inc
[{"type":"text","content":"\n\n\n\nOct. 16, 2009 (Canada NewsWire Group) -- VANCOUVER, Oct. 16 /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 21,428,571 units at a price of $0.07 per unit (\"Unit\") for gross proceeds of up to $1,500,000.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 18 months, subject to accelerated expiry, such expiry being accelerated to 30 days in the event the Company's shares have closed at or above a price of $0.25 per share for ten consecutive trading days. 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 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 Democratic Republic of Congo (\"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 and February 25, 2009.About El Nino Ventures Inc.El Nino Ventures is an exploration company, focused on exploring for Copper/Cobalt in the DRC. In addition, the Company holds a 50% interest in an extensive base metal project located within the Bathurst mining camp, New Brunswick. El Nino recently entered into an option agreement with Votorantim Metals Canada Inc. and Xstrata Zinc 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 refer to ELN's August 6, 2009 news release).On Behalf of the Board of Directors,\"Harry Barr\"Harry Barr, Chairman and CEONeither the TSX Venture Exchange nor its Regulation Services Provider (asthat term is defined in the policies of the TSX Venture Exchange) acceptsresponsibility fo...