PP
Erin Ventures arranges $450,000 private placement
2023-01-17 18:35 ET - News Release
Mr. Blake Fallis reports
ERIN VENTURES ANNOUNCES PROPOSED PRIVATE PLACEMENT
Erin Ventures Inc., subject to the approval of the TSX Venture Exchange, intends to complete a non-brokered private placement offering of up to nine million units at a price of five cents per unit for gross proceeds of up to $450,000. Each unit comprised one common share and one warrant which will be exercisable into one common share of the corporation. Each warrant will have a term of two years and will entitle the holder to purchase one warrant share at a price of five cents per share following the closing date.
The warrants also have an acceleration clause whereby if the common shares trade on the TSX-V at a price equal or greater than the designated trigger price of 10 cents for more than 10 consecutive trading days, Erin shall have the right to give written notice to the holder requiring the holder to exercise the warrant, in whole or in part, within a period of 30 days from the date of receipt of notice from Erin.
The common shares and warrants comprising the units will be subject to a four-month-and-one-day hold period in accordance with the policies of the TSX-V and applicable securities legislation.
The net proceeds from this financing will be used to finance further development of its wholly owned Piskanja boron project in Serbia and for working capital purposes.
This offering will be carried on a private placement basis pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange.
About Erin Ventures Inc.
Erin Ventures is an international mineral exploration and development company with boron assets in Serbia. Headquartered in Victoria, B.C., Canada, Erin's shares are traded on the TSX Venture Exchange under the symbol EV and the OTCQB Venture Market under the symbol ERVFF.