Vancouver, BC, December 14, 2006,-- El
Niņo Ventures Inc. ("El Niņo") (TSX.V: ELN; OTCBB: ELNOF; Frankfurt:
E7Q) is pleased to announce that it has engaged Canaccord Capital
Corporation to act as agent for a brokered private placement of up
to 1,818,181 flow-through units (the "Flow-Through Units") at a
purchase price of $0.55 per flow-through Unit, for gross proceeds of CDN
$1,000,000 and up to 3,000,000 Units (the "Units") at a purchase price
of $0.40 per Unit, for gross proceeds of CDN $1,200,000.
Each Flow-Through Unit will consist of
one flow-through common share and one common share purchase warrant
("Warrant"). Each Warrant entitles the holder to purchase an
additional non flow-through common share at a price of $0.65 for a period
of 12 months from closing.
Each Unit will consist of one common
share and one-half of one common share purchase warrant ("Warrant").
Each whole Warrant entitles the holder to purchase an additional common
share at a price of $0.55 for a period of 12 months from closing.
The flow-through funds raised from the
issuance of the flow-through Units will be used for exploration
expenditures, which will constitute Canadian exploration expenses (as
defined in the Income Tax Act) and will be renounced for the 2006 taxation
year. The use of the proceeds raised from the Units will be for general
working capital and exploration projects outside of Canada.
Upon closing, the Company shall pay
Canaccord Capital Corporation 8% of the Gross Proceeds raised, payable in
cash and the Agent's Warrants equal to 8% of the securities sold under
the Offering. Each Agent's Warrant shall be exercisable for a period of
12 months from closing at a price of $0.55 per share.
The foregoing is subject to regulatory
approval.
About El Niņo
El Niņo is an exploration stage company
in the midst of a 23,500 meter drill program on the Bathurst Zinc/Base
Metals Mining Camp. This is the first part of a 50,000 meter drill program
that began in Oct 2006 and will continue on until March 2008. This
financing will fortify that El Nino's commitment of $ 5 million will
be met, as stipulated in the Option/Joint Venture Agreement signed with
Xstrata Zinc Canada in May 2006. Additional proceeds of this financing
will be applied to the further acquisition of projects outside of Canada,
and solidify El Nino position as an aggressive international mineral
exploration company.
On
Behalf of the Board of Directors,
"Jean Luc Roy"
Jean
Luc Roy
President
& COO
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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