Erin Ventures Inc; Announces Proposed Private Placement
Erin Ventures Inc. (TSX-V: EV) (the “Corporation”) announces that, subject to the approval of the TSX Venture Exchange (the “TSXV”) regulatory approval, it intends to complete a non-brokered offering of up to 10,000,000 units (“Units”) at a price of $0.06 per Unit for gross proceeds of up to $600,000 by way of a private placement (the “Private Placement”). Each Unit is comprised of one (1) common share (“Common Share”) and one-half (1/2) Common Share purchase warrant (“Warrant”). Each full Warrant will have a three year term with an exercise price of $0.15. The Warrants also have an acceleration clause whereby if the Common Shares trade at $0.30 for more than 20 consecutive trading days, the Corporation shall have the right to give written notice to the holder of such Warrant requiring such holder to exercise the Warrant, in whole or in part, within a period of 30 days from the date of receipt of notice. The Company may offer finder fees of up to 10% for bona fide introductions to sources of capital which may be paid in cash or Common Shares, subject to the approval of the TSX Venture Exchange.
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 approval of the TSXV.
The Corporation intends to use the proceeds from the Private Placement to finance exploration and other costs on the Corporation's Piskanja boron project in Serbia and for general working capital purposes.
About Erin Ventures Inc.
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.
On behalf of the Board of Directors,
Blake Fallis, General Manager
For further information, please contact:
Erin Ventures Inc.
Blake Fallis, General Manager
Phone: 1-250- 384-1999 or 1-888-289-3746
www.erinventures.com
645 Fort Street, Suite 203
Victoria BC V8W1G2
Canada
Erin’s Public Quotations:
Canada
TSX Venture: EV
USA
SEC 12G3-2(B) #82-4432
OTCBB: ERVFF
Europe
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. (TSX Venture:EV) http://www.erinventures.com
