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June
15, 2016 Vancouver, BC ‐ El Niño
Ventures Inc. ("ELN" or the "Company") (TSX.V:
ELN OTC Pink: ELNOF FRANKFURT: E7Q)
announces that it has received
acceptance from the TSX Venture Exchange
(the "Exchange") for an extension to
complete its non‐brokered private
placement financing previously announced
on April 21, 2016 for up to 25,000,000
units at a price of $0.02 per unit
raising gross proceeds of up to $500,000
pursuant to a discretionary waiver from
the TSX Venture Exchange of the $0.05
minimum pricing requirement. Each unit
is comprised of one common share and one
share purchase warrant. Each warrant
will entitle the holder thereof to
purchase one additional common share of
the Company at an exercise price of
$0.05 per share, for a period of two
years from closing, subject to the
acceptance of the TSX Venture Exchange.
Additionally Harry Barr, Chairman and
CEO of the Company, sold 1,177,770
common shares of the Company to reinvest
in the private placement. Prior to the
sale, Mr. Barr held directly and
indirectly 8,944,554 shares and options
to purchase an additional 550,000 common
shares of the Company, representing
approximately 25.6% of the Company's
issued and outstanding shares on a
postconversion beneficial ownership
basis. As a result of Mr. Barr's sale of
1,177,770 common shares, Mr. Barr now
own 7,766,854 common shares and 550,000
options of the Company, representing
approximately 22.4% of the Company's
current issued and outstanding shares of
the Company on a post-conversion
beneficial ownership basis, which
decreases Mr. Barr's ownership of common
shares of the Company by approximately
3.2%. Proceeds from the private
placement in the amount of up to
$309,000 will be used for further
exploration and development on the
Company's Murry Brook polymetallic
project in New Brunswick. Up to $66,000
will be used to settle related party
debt and up to $125,000 will be used for
general working capital.
Finder's fees may be payable in cash,
shares or warrants or a combination may
be paid on connection with the private
placement.
The securities to be issued with respect
to the private placement will be subject
to a four-month and a day hold period in
accordance with applicable Canadian
Securities Laws. The securities are also
subject to voluntary pooling
restrictions. Completion of the private
placement and any finder's fees payable
are subject to regulatory approvals.
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
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. |
