VANCOUVER, Aug. 25 /PRNewswire-FirstCall/ -- El Nino Ventures Inc. ("ELN" and "the Company") (TSX.V: ELN; Frankfurt: E7Q) is pleased to announce that further to its news release of July 27, 2009 the Company has closed the first tranche of its non-brokered private placement and has issued a total of 5,660,000 units at a purchase price of $0.08 per unit for gross proceeds of $452,800.
Each unit consisted of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase an additional common share at a price of $0.15 per share for 18 months, subject to accelerated expiry, such expiry being accelerated to 30 days in the event the Company's shares have closed at or above a price of $0.25 per share for ten consecutive trading days.
In connection with this closing of the first tranche of this financing, the Company has paid a finder's fee consisting of an aggregate of $13,184 in cash and has issued 206,000 finder warrants. Each finder warrant entitles the holder to purchase one common share at a purchase price of $0.15 per share for 18 months, subject to accelerated expiry, such expiry being accelerated to 30 days in the event the Company's shares have closed at or above a price of $0.25 per share for ten consecutive trading days.
In compliance with Canadian securities laws, all of the securities issued in connection with this closing are subject to a hold period expiring on December 21, 2009.
About El Nino Ventures Inc
El Nino Ventures is a junior exploration company, focused on exploring for Copper/Cobalt in the Democratic Republic of Congo ("DRC"). El Nino has an option to acquire a 70% interest in over 350 square kilometers in the world renowned copper belt in the DRC. In addition to our Copper and Cobalt projects in the DRC, the Company holds a 50 percent interest on an extensive land package in the Bathurst Mining Camp with Xstrata Zinc Canada.
On Behalf of the Board of Directors, "Jean Luc Roy" Jean Luc Roy, President and 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 CUSIP # 28335E-10-6
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 (http://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.
El Nino Ventures Inc.
CONTACT: Mark Feeney, Tel: (604) 786-2587, mfeeney@elninoventures.com;
Tel: (604) 683-4886, Toll Free: 1-877-895-6466, Fax: (604) 683-4887, Email:
info@elninoventures.com or visit: http://www.elninoventures.com/
