Erin Ventures Inc. (TSX-V: EV) (the “Corporation”) announces that, subject to regulatory approval, it intends to complete a non-brokered offering of up to 10,000,000 units (“Units”) at a price of $0.07 per Unit for gross proceeds of up to $700,000 by way of a private placement (the “Private Placement”). Each Unit is comprised of one (1) common share (“Common Share”) and one (1) Common Share purchase warrant (“Warrant”). The warrant will have a two year term with an exercise price of $0.15 in the first year and $0.30 in the second year, with an accelerated exercise clause.
If the shares trade at $0.30 in the first year or $0.40 in the second year for more than 20 consecutive trading sessions the Corporation 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. Finder’s fees of up to 10% may be paid in cash.
The Corporation intends to use the proceeds from the Private Placement to finance exploration and other expenses on the Corporation’s Piskanja boron project in Serbia and for working capital.
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.