Victoria, British Columbia (FSCwire) - Erin Ventures Inc. ("Erin") [TSXV: EV] announces that, subject to the approval of the TSX Venture Exchange (the “TSXV”), it intends to complete a non-brokered private placement offering of up to 3,333,333 units (“Units”) at a price of $0.09 per Unit for gross proceeds of up to $300,000 (the “Private Placement”). Each Unit is comprised of one (1) common share (“Common Share”) and one (1) Common Share purchase warrant (“Warrant”). The Warrants are exercisable for three (3) years at a price of $0.20 in the first year, $0.30 in the second year, and $0.40 in the third year.
The Warrants also have an acceleration clause whereby if the Common Shares trade on the TSXV at a price equal or greater than the designated trigger price for more than twenty (20) consecutive trading days, Erin shall have the right to give written notice to the holder requiring the holder to exercise the Warrant, in whole or in part, within a period of thirty (30) days from the date of receipt of notice from Erin.
The Common Shares and Warrants comprising the Units will be subject to a four-month and one day hold period in accordance with the policies of the TSXV and applicable securities legislation. The Private Placement remains subject to the final approval of the TSXV.
The net proceeds from this financing will be used to fund further development of its wholly owned Piskanja boron project in Serbia, and for working capital purposes.
This offering will be carried on a private placement basis pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange.
