Edmonton, Canada – Erin Ventures Inc. (TSX-V:EV) (“Erin”) is pleased to announce that, subject to final approval by the TSX Venture Exchange, it has completed a non-brokered offering of 8,500,000 units (“Units”) at a price of $0.07 per Unit for gross proceeds of $595,000 by way of a private placement (the “Private Placement”) announced on September 13, 2013. Each Unit is comprised of one (1) common share (“Common Share”) and one (1) Common Share purchase warrant (“Warrant”). Each Warrant entitles the holder to purchase one (1) additional Common Share at a price of $0.25 per Common Share for a period of two (2) years following the date of closing. In the event that the Common Shares close on the TSX Venture Exchange at a price equal to or greater than the designated trigger price for more than twenty (20) consecutive trading sessions 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 thirty (30) days from the date of receipt of notice from Erin. Any portion of the Warrant remaining unexercised after the expiration of the 30 day period will be cancelled and will thereafter be void and of no force or effect. The designated trigger price is $0.30 per Common Share.
Erin intends to use the proceeds from the Private Placement to finance exploration and other expenses on the Erin’s Piskanja boron project in Serbia and for working capital.
Erin paid finder’s fees in connection with the Private Placement in the aggregate amount of $13,475.
Pursuant to applicable Canadian securities laws, the securities issued under the Private Placement are subject to a four-month hold period from the time of closing of the Private Placement.
On behalf of the Board of Directors,
Blake Fallis, General Manager
For further information, please contact:
Erin Ventures Inc. Canada
Blake Fallis, General Manager TSX Venture: EV
Phone: 1-250- 384-1999 or 1-888-289-3746 USA
Erin’s Public Quotations:
TSX Venture: EV
SEC 12G3-2(B) #82-4432
Berlin Stock Exchange: EKV
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This release contains forward looking statements. The words “believe,” “expect,” “feel,” “plan,” “anticipate,” “project,” “could,” “should” and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties including, without limitation, variations in estimated costs, the failure to discover or recover economic grades of minerals, and the inability to raise the funds necessary, changes in external market factors including commodity prices, and other risks and uncertainties. Actual results could differ materially from the results referred to in the forward-looking statements.