RE: RE: EZ's lithium properties will gain valueEncore Renaissance to raise up to $1.3-million
2010-09-14 17:44 ET - News Release
Mr. Mike Mulberry reportsENCORE ANNOUCES $1,300,000 PRIVATE PLACEMENT
Encore Renaissance Resources Corp. plans a non-brokered private placement for the sale of up to 13 million units at a price of 10 cents per unit raising a total of up to $1.3-million. Each unit consists of one common share of the company and one share purchase warrant entitling the holder to purchase one additional common share for a period of two years at the exercise price of 15 cents per share for the first year and thereafter 20 cents for the second year.
The company shall use the proceeds of the offering for general working capital and to resume operations in the Bonaparte property.
A finder's fee of a combination of cash, shares and/or warrants will be paid to eligible finders in relation to this financing, all in accordance with regulatory policies.
This private placement is subject to approval by the TSX Venture Exchange.
The company also wishes to announce that it has entered into stock option agreements granting the right and option to purchase 18,449,000 shares of the company at 10 cents per share exercisable in whole or in part on or before five years from Sept. 14, 2010.