El Niño Ventures Inc. Announces $2,000,000 Private Placement
February 26 2013 - 6:24PM
OTC Markets
February 26, 2013 Vancouver, Canada -- El Niño Ventures
Inc. ("ELN" and the "Company") (TSX.V: ELN; Frankfurt: E7Q; OTCQX:
ELNOF is pleased to announce a non-brokered flow-through
and non flow-through private placement of up to a combined
33,333,333 units for gross proceeds up to $2,000,000.
Each non flow-through unit ("NFT Unit") at a price of $0.06 per NFT
Unit will consist of one common share and one-half of one
non-transferable share purchase warrant ("Warrant"). Each Warrant
will entitle the holder to purchase one common share of the Company
at a price of $0.12 per share for 18 months from closing.
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 at a price of $0.065 per FT Unit. Each Warrant
will entitle the holder thereof to purchase one additional non
flow-through common share of the Company at $0.13 for a period of
18 months from closing.
The proceeds from the private placement received from the sale of
the flow-through units will be used for the further development and
exploration of the Murray Brook Polymetallic project and
exploration of adjacent Camel Back property (Figure 1), both
located in the in Bathurst mining camp, New Brunswick. The proceeds
from the sale of NFT Units will be used as working and general
working capital.
The private placement and any finder's fees payable are subject to
regulatory approval. Any securities issued pursuant to the offering
shall be subject to a four month and a day hold period commencing
on the closing date.
Work in 2013 will include an amended Resource Estimation,
refinement to Phase 1 Metallurgy Study, Preliminary Economic
Assessment Study and phase 2 Metallurgy Study (pilot plant) of
Murray Brook project and Property scale exploration including
geophysical surveys and drilling at adjacent Camel Back
project.
About El Niño Ventures Inc. Bathurst
Projects
El Niño Ventures Inc. has two active projects in the Bathurst
Mining Camp:
1. Murray Brook Project
The Murray Brook project is a polymetallic, massive sulfide deposit
and is one of the largest deposits discovered to date in the
Bathurst Mining Camp, New Brunswick. The Murray Brook property is
located 60 km west of Bathurst. It is supported by excellent
infrastructure, including paved roads, grid electricity and
communities to provide goods, services and skilled labour.
A $3 million exploration budget was approved for the 2012
exploration program. It included $2.5 million for drilling to bring
resources into the measured category at the Murray Brook deposit
and $500,000 for exploration of the Murray Brook and Camel Back
properties, both of which are covered by the option agreement with
Murray Brook Minerals. To date, more than 28,000 metres of drilling
has been completed with encouraging results. In February 2012, an
NI43-101 compliant resource estimation was announced (see news
release). The technical report is filed on SEDAR.com and also
available on ELN's website.
An updated NI43‐101 mineral resource estimation and metallurgical
test results are slated for completion by the end of March 2013.
Results of these reports will be incorporated in a Preliminary
Economic Assessment "PEA" that is slated for completion in the
first quarter of 2013.
ELN and Votorantim Metals Canada (VMC) currently own 70% of the
project, of which 35% is held by each of the two parties.
Under a purchase agreement signed by VMC on August 28, 2012 with
MBM and Murray Brook Resources Inc. (collectively the owners), VMC
acquired the right to purchase the additional 30% of the Murray
Brook Project from the owners. ELN has been provided the option to
purchase an additional 15% in the project.
Although the terms of the Participation Agreement provided for a
three-year period to earn the initial 50% and two years to earn the
additional 20%, ELN and VMC completed their earn-in in less than 18
months.
2. Bathurst Option Joint Venture Project
(BOJV)
Consists of an initial 4,712 claims in the Tri‐Party Agreement with
Xstrata & VM Canada whereby VM Canada may incur exploration
expenditures of $10 million over a period of 5 years to earn a 50%
interest. VM Canada may further increase its interest to 70% by
spending an additional $10 million over 2 years.
Qualified Person Statement
This news release has been reviewed and approved for technical
content by Ali Hassanalizadeh M.Sc. MBA
P.Geo a qualified Person under the provisions of National
Instrument 43‐101.
About El Niño Ventures Inc.
El Niño Ventures Inc. is an international exploration
company, focused on exploring for lead, zinc, copper, gold and
silver 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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