El Nino Ventures Increases Private Placement to $2,200,000
TSX.V: ELN FSE: E7Q
El Nino Ventures Increases Private Placement to $2,200,000
March 31, 2011 Vancouver, Canada – El Niño Ventures Inc. (“ELN” and the “Company”) (TSXV: ELN; Frankfurt: E7Q) is pleased to announce that it has increased its proposed non-brokered flow-through and non-flowthrough unit financing from $1,500,000 to $2,200,000.
The Company intends to issue up to 24,285,714 non flow-through units (NFT Units) at $0.07 per NFT Unit. Each NFT Unit consists of one common share and one-half share purchase warrant (Warrant). Each whole Warrant entitles the holder to subscribe for one additional common share of the Company at $0.10 per share for a period of 18 months from closing. Notwithstanding the foregoing, if the closing price of the common shares of the Company on the TSX Venture Exchange is at least $0.15 per share for any 10 consecutive trading days, the Company may accelerate the expiry time of the Warrants to 30 calendar days from the date express written notice is provided by the Company to the warrantholder.
The Company intends to issue up to 5,000,000 flow-through units (FT Units) at $0.10 per FT Unit. Each FT Unit consists of one common flow-through share and one-half non flow-through share purchase warrant (Warrant). Each whole Warrant will entitle the holder to subscribe for one additional non flow-through common share of the Company at $0.20 per share for a period of one year from closing.
The foregoing is subject to regulatory approval.
About El Niño Ventures Inc:
El Niño Ventures Inc. is an exploration company, focused on exploring for Copper/Cobalt in the Democratic Republic of Congo ("DRC"). In addition the Company had entered into an Option agreement with Votorantim and Xstrata Zinc whereby Votorantim, by incurring exploration expenditures of $10 million over a period of 5 years. Votorantim may further elect to increase its interest to 70% by spending another $10 million over an additional two years. The Votorantim option is on an extensive land package in the Bathurst Mining Camp that ELN currently shares 50/50 with Xstrata Zinc Canada.
In February 2011, ELN announced that a $5 million exploration program has begun consisting of airborne and ground geophysics and will include a 10,000 metre drill program which is slated for commencement in the spring of 2011. (See press release dated February 23, 2011).
In January 2011, ELN announced that it has provided notice Votorantim Metals Canada Inc. (Votorantim) to enter into an Option Agreement on the Murray Brook Polymetallic Deposit, situated in the Bathurst Mining Camp in New Brunswick, Canada. (See press release dated January 20,2011).
ELN's management are aggressively negotiating to acquire additional projects in an international scale that meet our corporate objectives.
On Behalf of the Board of Directors, Further Information: Tel: +1 604 685 1870 Fax: +1 604 685 8045 Email: [email protected] or visit www.elninoventures.com “Harry Barr”
2303 West 41st Avenue, Vancouver, B.C., Canada, V6M 2A3 Harry Barr, Chairman & Acting CEO
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. 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.
ELN News Release Page 1 of 1 March 31, 2011