El Tigre Silver (ELS-V) closes $1.5-million PP
Feb 14, 14 - NR
El Tigre Silver Corp. has closed its previously announced non-brokered private placement of an aggregate of six million units of the company for aggregate gross proceeds of $1.5-million. Each unit consists of a common share of the company and one-half of a common share purchase warrant. Each whole warrant entitles the holder to acquire an additional common share of the company for a period of 24 months from the date of issue at a price of 38 cents per share, provided that, if over a period of 20 consecutive trading days after the expiry of the hold period on the warrants, the daily volume-weighted average trading price of the common shares of the company on the TSX Venture Exchange (or such other stock exchange on which such shares are listed) is greater than 50 cents, then at the company's discretion, it may, within 10 days of such 20-day period, accelerate the expiry date of the warrants to a date 30 days after the date of the notice.
The private placement is subject to regulatory approval, and the common shares, together with the shares issued on the exercise of the warrants, will be restricted from trading for a period of four months and a day from the date of issuance of the units, being June 15, 2014, in compliance with TSX Venture Exchange policies and securities legislation.
The proceeds from the private placement will be used to continue exploration on the El Tigre property and for general working capital purposes. |
