ECU Silver Mining Inc.: Press Release.ROUYN-NORANDA, Quebec -- ECU Silver Mining Inc. ("ECU Silver") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :ECU) announces today that it is in the process of arranging a private placement with arm's length arm's length adj. the description of an agreement made by two parties freely and independently of each other, and without some special relationship, such as being a relative, having another deal on the side or one party having complete control of the other. subscribers for gross proceeds of between CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $500,000.00 and $3,000,000.00. The private placement is intended to be for a minimum of 2,000,000 and a maximum of 12,000,000 units, at a price of $0.25 per unit. Each unit will consist of one (1) common share of ECU Silver and one (1) common share purchase warrant entitling the subscriber to acquire one (1) common share at a price of $0.32 for a period of two years following the completion of the private placement. ECU Silver is seeking protection of the issuance price from the TXS TXS Teleperm XS TXS Telephone eXchange Strowger TXS Transfer from Index to Stack Pointer Venture Exchange (the TSX) and will file a private placement notice form with the TSX within thirty (30) days. The issuance price was determined by ECU in accordance with the minimum pricing requirements of the TSX. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of this offering will be used to fund the payment of amounts owing to the settled parties pursuant to the settlement announced in the press release dated November 10, 2004, to fund the continued development of ECU Silver's mines and to provide ECU Silver with working capital. The private placement of ECU Silver announced in the press release dated November 10, 2004, which had the same use of proceeds as the current private placement, has been cancelled because its terms and conditions are no longer attractive to investors given the current share value. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. does not accept responsibility for the adequacy or accuracy of this release. ECU Silver Mining Inc. (TSX:ECU) |
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