PP2011-09-12 20:23 ET - News Release
Mr. Akash Patel reports
ENCORE RENAISSANCE ANNOUNCES PRIVATE PLACEMENTS
Encore Renaissance Resources Corp. has arranged a private placement for the sale of up to 20 million flow-through (FT) units at five cents per unit for total proceeds of up to $1-million and up to 30 million non-flow-through (NFT) units at five cents per unit for total proceeds of up to $1.5-million. Each FT unit consists of one flow-through common share of the company and one non-flow-through share purchase warrant having a term of one year for the purchase of one further common share of the company at an exercise price of 10 cents per share. Each NFT unit consists of one non-flow-through common share of the company and one non-flow-through share purchase warrant having a term of one year for the purchase of one further common share of the company at the exercise price of 10 cents per share. The non-flow-through warrants of the FT units and NFT units shall be subject to the following acceleration provision: if the closing trading price for the common shares of the company as traded on the TSX Venture Exchange is equal to or greater than 10 cents per common share for three consecutive trading days, then the subscriber shall have until 4 p.m. (Vancouver, B.C., time) of the 30th calendar day after the threshold period to exercise the share purchase warrants. The share purchase warrants shall expire on the earlier of the first anniversary of the date of issuance of the FT units and NFT units or the accelerated expiry date. The company shall not be required to issue a news release announcing the accelerated expiry date or the occurrence of the threshold period. The maximum allowable finders' fee will be payable, either in cash, warrants or shares or a combination of any of the foregoing. This private placement is subject to approval by the TSX Venture Exchange.