From the Nov 15 news releaseErin Ventures has arranged a private placement of two million units at a
price of 22.5 cents per unit for proceeds of $450,000. Each unit will
consist of one common share and one share purchase warrant. Each warrant is
exercisable into one common share at a price of 60 cents within the first
six months from closing and a price of 75 cents for the following six-month
period.
If we stay under the strike price of 60 cents for 3 more weeks, the placees will have to pony up an additional $300K to exercise the warrants attached to this PP.
Lamont