| First Tranche - Non-Brokered Private Placement $3,396,200 Completed |  view PDF |
ELN News July 17 2006
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July 17, 2006,
Vancouver, BC -- El Nino Ventures Inc. (the "Company") is
pleased to announce that further to its news release of May 26, 2006 the
Company has closed the first tranche of its private placement and has
issued a total of 4,245,250 flow through and non-flow-through units at
$0.80 per unit for a total proceeds of $3,396,200. |
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Each non-flow-through unit
and flow-through unit consists of one common share and one-half of one
share purchase warrant with each whole warrant entitling the holder to
purchase one additional common share of the Company at a purchase price of
$1.00 per common share until July 14, 2007.
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In connection with the
closing of the first tranche of this financing, the Company has paid a
finder's fee of an aggregate of $173,172 and issued an aggregate of 240,415
share purchase warrants and 25,000 shares.
Each warrant entitles the holder to purchase one common share at
a purchase price of $1.00 per common share until July 14, 2007. |
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In compliance with Canadian
securities laws, all of the securities issued in connection with this
closing are subject to a hold period expiring on November
15, 2006.
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The Company will continue
to finalize the balance of its private placement, on the same terms as
announced May 26, 2006, and anticipates that it will close the second
tranche of the private placement by the end of July 2006. |
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The proceeds of the
private placement will be used to satisfy all of the Company's year
one exploration commitment ($2,500,000) for exploration with
Falconbridge Ltd. on the world class Bathurst Zinc / Base Metals Mining
Camp in New Brunswick. Exploration will begin immediately on the
Bathurst Project. For further information see our press release dated
May 26, 2006. The foregoing
is subject to regulatory approval. |
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About
El Nino Ventures Inc.
El
Nino is an exploration stage company currently developing an aggressive
global acquisition strategy. Our
business model is to revisit former mining regions, apply new
technologies to advanced stage exploration targets, and aggressively
acquire new projects. Our
present focus is on Canada, Alaska, and Eastern / Central Europe.
In Canada, El Nino has an Option / Joint Venture with
Falconbridge Ltd. to explore the world class Bathurst Zinc / Base Metals
Mining Camp in New Brunswick. The
Company is also exploring for uranium in the Bancroft uranium camp in
Ontario. El Nino is
currently negotiating on new projects in Alaska, and Eastern/Central
Europe. |
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On Behalf of the
Board Of Directors, |
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"Jean Luc Roy" |
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Jean Luc Roy |
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President & COO |
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The
TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release |
CUSIP#
28335E-10-6 |
This
news release contains certain "Forward-Looking Statements"
within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended. All statements, other than statements
of historical fact, included herein are forward-looking statements that
involve various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the
Company's documents filed from time to time with the British Columbia
Securities Commission and the United States Securities & Exchange
Commission. This email should not be construed as an offer to buy or
sell securities of this company.
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| You can view the Next News Releases item: Wed Jul 19, 2006, Exploration Activities Commence on El Nino - Falconbridge - Bathurst Zinc Project, Bathurst Zinc Mining Camp, New Brunswick
You can view the Previous News Releases item: Tue Jul 4, 2006, News Release
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