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April 8, 2011,
Vancouver, Canada -- El Niño Ventures Inc. ("ELN" and the "Company") (TSXV:
ELN; Frankfurt: E7Q) is pleased to announce that it has closed the second and
final tranche of its previously announced non-brokered flow-through and
non-flow-through unit financing raising gross proceeds of $2,128,159.54.
The Company issued 1,275,713 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 warrant holder.
In addition, the Company issued an aggregate 500,000 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 Company paid $805 in finder's fees in connection with this closing. All of
the securities issued in today's closing, carry a legend restricting them from
trading until August 9, 2011.
The proceeds of this private placement will be used to acquire new projects in
North America, Africa and general working capital.
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, can earn into 50% of the project. 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).
ELN's management is aggressively negotiating to acquire additional projects in
an international scale that meet our corporate objectives.
On Behalf of the Board of Directors,
"Harry Barr"
Harry Barr, Chairman and Acting CEO
TSX Venture Exchange or 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.
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