VICTORIA, BC / ACCESSWIRE / November 23, 2018 / Erin Ventures Inc.(„Erin“) [TSXV: EV] announces, subject to the approval of the TSX Venture Exchange (the „TSXV“), that due to over subscription it intends to increase the size of its previously announced private placement offering from up to $700,000 to an amount up to $750,000.Erin intends to close the placement early next week.As set out in the news release disseminated on November 14, 2018, Erin is offering units („Units“) at a price of $0.13 per Unit.Each Unit is comprised of one warrant which will be exercisable into one (1) Common Share of the Corporation (each a „Warrant Share“).Each Warrant will have a term of three (3) years and will entitle the holder to purchase one (1) Warrant Share at a price of $0.155 per share in the first six (6) months following the Closing Date and $0.22 commencing on the first day of the seventh (7th ) month following the Closing date until the end of the third year following the closing date.
The Warrants also have an acceleration clause whereby if the Common Shares trade on the TSXV at a price equal or greater than the designated trigger price for more than ten (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 thirty (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 TSXV and applicable securities legislation.The Private Placement remains subject to the final approval of the TSXV.
Erin also intends to pay certain finders’ fees, commissions and broker warrants in accordance with the rules of the TSX Venture Exchange Corporate Finance Manual.
The net proceeds from this financing will be used to fund 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.
On behalf of the Board of Directors,
Blake Fallis, General Manager
About Erin Ventures
Erin Ventures Inc.is an international mineral exploration and development company with boron assets in Serbia and gold assets in North America.Headquartered in Victoria, B.C., Canada, Erin’s shares are traded on the TSX Venture Exchange under the symbol „EV“.For detailed information please see Erin’s website at www.erinventures.com or the Company’s filed documents at www.sedar.com.
Piskanja is a high-grade boron deposit with a NI 43-101 compliant mineral resource of 5.6 million indicated tonnes (30.8% B2O3), in addition to 6.2 million inferred tonnes (28.8% B2O3).
For further information, please contact:
Erin Ventures Inc.
Blake Fallis, General Manager
Phone: 1-250- 384-1999 or 1-888-289-3746
645 Fort Street,Suite 203
Victoria BC V8W1G2
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.
SOURCE: Erin Ventures Inc.