El Niño Ventures Inc. Announces $500,000 Private Placement
August 26 2013 - 6:46PM
OTC Markets
August 26, 2013 Vancouver, Canada --
El Ni?o Ventures Inc. ("ELN" and the "Company") (TSX.V: ELN;
Frankfurt: E7Q; OTCQX: ELNOF announces that it intends to complete
a non-brokered flow-through and non flow-through private placement
of up to a combined 25,000,000 units for gross proceeds up to
$500,000.
Each non flow-through unit ("NFT Unit") will consist of one common
share and one-half of one non-transferable share purchase warrant
("Warrant") at a price of $0.02 per NFT Unit. Each Warrant will
entitle the holder thereof to purchase one additional common share
of the Company for a period of 24 months from the closing date at a
price of $0.05 per share during the first year and $0.10 per share
during the second year.
Each flow-through unit ("FT Unit") will consist of one common share
and one-half of one non flow-through, non-transferable share
purchase warrant ("Warrant") at a price of $0.02 per FT Unit. Each
Warrant will entitle the holder thereof to purchase one additional
non flow-through common share of the Company for a period of 24
months from the closing date at a price of $0.05 per share during
the first year and $0.10 per share during the second year.
The pricing of the Offering is in reliance on the temporary relief
measures established by the TSX Venture Exchange (the "Exchange"),
and therefore the Offering and pricing of the Offering require
approval of the Exchange having regard to the temporary relief
criteria set out in the Exchange's bulletin of April 12, 2013, in
relation to the extension and modification of temporary relief from
certain pricing requirements (the "Temporary Relief Measures").
The proceeds from the private placement received from the sale of
the flow-through units will be used for the the Murray Brook
Polymetallic project. The proceeds from the sale of NFT Units will
be used for working capital purposes.
The shares to be issued with respect to the Offering will be
subject to a four-month hold period in accordance with applicable
Canadian Securities Laws. Completion of the Offering and any
finder's fees payable is subject to regulatory approvals, including
approval of the Exchange under Temporary Relief Measures.
In addition, the Company's Annual General and Special Meeting has
been re-scheduled from Wednesday, September 18, 2013 to Wednesday,
September 25, 2013.
About El Ni?o Ventures Inc. Bathurst
Projects
El Ni?o Ventures Inc. has two active projects in the
Bathurst Mining Camp:
1. Murray Brook Project
The Murray Brook Project is located 60 km west of Bathurst, in the
northwest part of the Bathurst Mining Camp (Figure 1). The Murray
Brook deposit is a zinc-lead-copper-silver massive sulphide which
is the subject of a recently completed Preliminary Economic
Assessment. The project is supported by excellent infrastructure
including paved roads, grid electricity and communities to provide
goods, services and skilled labour.
ELN and VMC currently own 100% of the Murray Brook Project and VMC
is the operator. VMC controls 65% and ELN controls 35%.
Figure 1.
Murray Brook Project and Camel Back property location map, Bathurst
Mining Camp, New Brunswick.
To date, more than 28,000 metres of
drilling has been completed on the Murray Brook Project. The first
NI43-101 mineral resource estimation and the first metallurgical
results were published in press releases dated February 2012 and
January 2013, respectively. On June 5, 2013 a positive Preliminary
Economic Assessment was announced (see news release). The results
of the PEA demonstrate the potential technical and economic
viability of establishing a new mine and mill complex on the Murray
Brook property. The projected cash flows indicate an after-tax NPV
at a 5% discount rate of $96.4 million, an IRR of 11.4%, and a
payback period of 5.4 years (see news release). The NI43-101
Technical Report is now filed on SEDAR and is also available on the
ELN website (see http://www.elnventures.com).
2. Bathurst Option Joint Venture
The BOJV project is a Tri?Party Agreement with Glencore Canada
Corporation and VMC covering much of the area of the Bathurst
Mining Camp in northeastern New Brunswick (Figure 1). The project
commenced in July 2009. VMC can earn 50% by spending $10 million
over 5 years. VMC can further increase its interest to 70% by
spending an additional $10 million over 2 more years. Exploration
expenditures to date by VMC total about $6.7 million.
BOJV project originally consisted of 4712 claims owned 50% ELN and
50% Glencore Canada Corporation and 2907 claims owned 100% by
Glencore Canada Corporation, together with an Area of Interest in
which ELN and Glencore Canada Corporation hold equal interest. Due
to the Area of Interest, the BOJV generates new projects for ELN at
no initial cost. An example of such project generation for ELN is
the Murray Brook Project.
Votorantim Metals Canada Inc. Statement
Technical details in this news release were provided by VMC whose
professional geologists conduct operations consistent with mineral
industry best practices. VMC accepts no responsibility for this
news release or any inferences made from the technical details
provided herein.
About Votorantim Metals Canada Inc.
VMC is a subsidiary of Votorantim Metais a company that is part of
the Votorantim Group that was founded in Brazil in 1918. The
Votorantim Group operates in twenty countries and has over 40,000
employees. Votorantim Metais is the largest electrolytic nickel
producer in Latin America and one of the world's leaders in the
production of zinc, aluminum and nickel. VMC in conjunction with
Glencore Canada Corporation and El Nino Ventures is operator of the
Bathurst Option and Joint Venture which is actively exploring for
base metal deposits within the Bathurst Mining Camp.
About El Nino Ventures Inc.
El Ni?o Ventures Inc. is an international exploration company,
focused on exploring for zinc, lead, copper, silver and gold in New
Brunswick, Canada and copper in the Democratic Republic of Congo
("DRC").
On Behalf of the Board of Directors
"Harry Barr"
Harry Barr
Chairman & CEO
El Nino Ventures Inc.
Further Information: Tel: +1 604 685
1870 Fax: +1 604 685 8045
Email: info@elninoventures.com or visit www.elninoventures.com
650-555 West 12th Avenue, City Square, West Tower, Vancouver, B.C.,
Canada, V5Z 3X7
Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Statements. Note: This
release contains forward-looking statements that involve risks and
uncertainties. These statements may differ materially from actual
future events or results and are based on current expectations or
beliefs. For this purpose, statements of historical fact may be
deemed to be forward-looking statements. In addition,
forward-looking statements include statements in which the Company
uses words such as "continue", "efforts", "expect", "believe",
"anticipate", "confident", "intend", "strategy", "plan", "will",
"estimate", "project", "goal", "target", "prospects", "optimistic"
or similar expressions. These statements by their nature involve
risks and uncertainties, and actual results may differ materially
depending on a variety of important factors, including, among
others, the Company's ability and continuation of efforts to timely
and completely make available adequate current public information,
additional or different regulatory and legal requirements and
restrictions that may be imposed, and other factors as may be
discussed in the documents filed by the Company on SEDAR
(www.sedar.com), including the most recent reports that identify
important risk factors that could cause actual results to differ
from those contained in the forward-looking statements. The Company
does not undertake any obligation to review or confirm analysts'
expectations or estimates or to release publicly any revisions to
any forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events. Investors should not place undue reliance on
forward-looking statements.
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