pcNewsWire – Erin Ventures Inc. (TSX-V: EV) has completed its non-brokered private placement offering of 3,720,000 units at $0.05 per unit for total gross proceeds of $186,000.
Proceeds will be used to fund further development of its wholly owned Piskanja boron project in Serbia, and for working capital purposes.
Erin Ventures Completes Private Placement
June 2, 2017
Erin Ventures Inc. (“Erin”) [TSXV: EV] is pleased to announce that it has completed its non-brokered private placement offering initially announced on May 19, 2017 for total gross proceeds of $186,000.
Pursuant to the terms of the private placement, Erin issued 3,720,000 units (“Units”) at a price of $0.05 per Unit. Each Unit is comprised of one (1) common share (“Common Share”) and one (1) Common Share purchase warrant (“Warrant”). The Warrants are exercisable for four (4) at a price of $0.05 in the first year, $0.10 in the second year, $0.20 in the third year and $030 in the fourth 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 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. One arm’s length finder is to be paid a finders’ fees for $4,500 in accordance with the rules of the TSX Venture Exchange Corporate Finance Manual.
On behalf of the Board of Directors,
Blake Fallis, General Manager
About Erin Ventures
Erin Ventures Inc. is an international mineral exploration and development company with boron assets in Serbia and gold assets in North America. Headquartered in Victoria, B.C., Canada, Erin’s shares are traded on the TSX Venture Exchange under the symbol “EV”. For detailed information please see Erin’s website at www.erinventures.com or the Company’s filed documents at www.sedar.com.
Piskanja is a high-grade boron deposit with a NI 43-101 compliant mineral resource of 5.6 million indicated tonnes (30.8% B2O3), in addition to 6.2 million inferred tonnes (28.8% B2O3).
For further information, please contact:
Erin Ventures Inc.
Blake Fallis, General Manager
Phone: 1-250- 384-1999 or 1-888-289-3746 USA
645 Fort Street, Suite 203
Victoria BC V8W1G2
Erin’s Public Quotations:
TSX Venture: EV
SEC 12G3-2(B) #82-4432
Berlin Stock Exchange: EKV
James E Wallis, M.Sc. (Eng), P. Eng., a director of Erin, is the Qualified Person who supervised the preparation of the technical data in this news release.
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.
SOURCE: Erin Ventures Inc.