El Nino Announces Extension of Private Placement and Issues Early Warning Report
TSX.V: ELN OTC Pink: ELNOF FRANKFURT: E7QN
Toll free 1.800.667.1870 or 604.685.1870 101 – 2148 West 38th Avenue, Vancouver, B.C. Canada V6M 1R9
EL NINO ANNOUNCES EXTENSION OF PRIVATE PLACEMENT AND ISSUES EARLY WARNING REPORT
June 15, 2016 Vancouver, BC ‐ El Niño Ventures Inc. ("ELN" or the “Company”) (TSX.V: ELN OTC Pink:
| ELNOF FRANKFURT: E7Q) a | nnounces that it has received acceptance from the TSX Venture Exchange | |
| (the "Exchange") for an extension to complete its non‐brokered private placement financing previously | ||
| announced on April 21, 2016 | for up to 25,000,000 units at a price of $0.02 per unit raising gross |
proceeds of up to $500,000 pursuant to a discretionary waiver from the TSX Venture Exchange of the $0.05 minimum pricing requirement. Each unit is comprised of one common share and one share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.05 per share, for a period of two years from closing, subject to the acceptance of the TSX Venture Exchange.
Additionally Harry Barr, Chairman and CEO of the Company, sold 1,177,770 common shares of the Company to reinvest in the private placement. Prior to the sale, Mr. Barr held directly and indirectly 8,944,554 shares and options to purchase an additional 550,000 common shares of the Company, representing approximately 25.6% of the Company’s issued and outstanding shares on a post‐ conversion beneficial ownership basis. As a result of Mr. Barr’s sale of 1,177,770 common shares, Mr.
Barr now own 7,766,854 common shares and 550,000 options of the Company, representing approximately 22.4% of the Company’s current issued and outstanding shares of the Company on a post‐conversion beneficial ownership basis, which decreases Mr. Barr’s ownership of common shares of the Company by approximately 3.2%
Proceeds from the private placement in the amount of up to $309,000 will be used for further exploration and development on the Company’s Murry Brook polymetallic project in New Brunswick. Up to $66,000 will be used to settle related party debt and up to $125,000 will be used for general working capital.
Finder’s fees may be payable in cash, shares or warrants or a combination may be paid on connection with the private placement.
The securities to be issued with respect to the private placement will be subject to a four‐month and a day hold period in accordance with applicable Canadian Securities Laws. The securities are also subject to voluntary pooling restrictions. Completion of the private placement and any finder’s fees payable are subject to regulatory approvals.
On Behalf of the Board of Directors,
``Harry Barr``
Harry Barr Chairman & CEO El Niño Ventures Inc.
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.
ELN News Release Page 1 of 1 June 15, 2016