Business
El Nino Ventures Inc. closes $0.90/unit brokered private placement financing
El Nino Ventures Inc. closes $0.90/unit 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\n\n\nU.S. NEWSWIRE SERVICES/\n\n\nVANCOUVER, Aug. 30 /CNW/ - El Nino Ventures Inc. (the "Company") (TSX.V:\nELN; OTCBB: ELNOF; Frankfurt: E7Q) is pleased to announce that it has closed\nits previously announced brokered private placement of 5,888,889 units at a\nprice of $0.90 per unit (the "Units") for gross proceeds to the Company of\n$5,300,000.10. Each Unit is comprised of one common share in the capital of\nthe Company (a "Common Share") and one half of one common share purchase\nwarrant (each whole common share purchase warrant, a "Warrant"). Each Warrant\nentitles the holder thereof to purchase one Common Share for a period of 18\nmonths following the closing date at a price of $1.40. The proceeds from the\nfinancing will be used for exploration, drilling, and engineering at the\nCompany's properties in the Democratic Republic of Congo and for general\ncorporate purposes.\n\n\nCormark Securities Inc. as lead agent and Haywood Securities Inc.\n(collectively the "Agents") acted as agents for this financing. As\nconsideration for their participation in the offering, the Agents received a\ncash commission equal to 6% of the total proceeds raised and 353,333\ncompensation options, each of which is exercisable into one unit at a price of\n$0.90 expiring on February 28, 2009. These units have the same terms as the\nUnits sold under the private placement.\n\n\nAll securities issued pursuant to this private placement are subject to a\nfour month hold period that expires on December 31, 2007.\n\n\nThe securities issued in the private placement have not been registered\nunder the U.S. Securities Act of 1933, as amended, and may not be offered or\nsold in the United States absent registration or an applicable exemption from\nthe 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 Roy, President and CEO\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\n\n\nresponsibility for the adequacy or accuracy of thi...