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El Nino Ventures Inc. announces brokered private placement financing
El Nino Ventures Inc. announces brokered private placement financing.
About this update from Metalquest Mining Inc
[{"type":"text","content":"\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE\n\n\nSERVICES/\n\n\nVANCOUVER, Aug. 9 /CNW/ - El Nino Ventures Inc. (the "Company") (TSX.V:\nELN; OTCBB: ELNOF; Frankfurt: E7Q) announces that the Company has entered into\nan agreement with Cormark Securities Inc. as lead agent and Haywood Securities\nInc. to sell on a best efforts basis up to 5,555,556 units at $0.90 per unit\n("Unit"). Each Unit will consist of one common share in the capital of the\nCompany (a "Common Share") and one half of one common share purchase warrant\n(each whole common share purchase warrant, a "Warrant"). Each whole Warrant\nshall entitle the holder thereof to purchase one Common Share for a period of\n18 months following the closing date at a price of $1.40.\n\n\nClosing of the offering is anticipated to occur on or before August 30,\n2007 and is subject to receipt of applicable regulatory approvals including\napproval of the TSX Venture Exchange.\n\n\nThe Common Shares and Common Shares issuable upon exercise of the\nWarrants will be subject to resale restrictions for a period of four months\nplus one day from the closing date. The Agents will receive a commission of 6%\nof the gross proceeds raised in the Offering. The Agents will also receive\nbroker warrants (the "Broker Warrants") equal to 6% of the number of Units\npurchased. Each Broker Warrant will entitle the Agents to purchase one Unit at\nthe issue price of the Units for a period of 18 months following the closing\ndate.\n\n\nThe proceeds from the financing will be used for exploration, drilling\nand engineering at the Company's properties in the Democratic Republic of\nCongo and for general corporate purposes.\n\n\nThe securities proposed to be offered in the private placement have not\nbeen registered under the U.S. Securities Act of 1933, as amended, and may not\nbe offered or sold in the United States absent registration or an applicable\nexemption from the registration requirements.\n\n\nThis press release shall not constitute an offer to sell or the\nsolicitation of an offer to buy any securities, nor shall there be any sale of\nthe securities in any state or other jurisdiction in which such offer,\nsolicitation or sale would be unlawful.\n\n\nOn Behalf of the Board of Directors\n\n\n(signed)\n\n\nJean Luc...