ECU Silver Mining Inc.: Press Release.TORREON, Coahuila Coahuila (kōäwē`lä), state (1990 pop. 1,972,340), 58,067 sq mi (150,394 sq km), N Mexico, on the northward bulge of the Rio Grande, S of Texas. Saltillo is the capital. -- ECU ECU See: European Currency Unit ECU See European Currency Unit (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 VENTURE:ECU)announces today the closing of an initial round of its private placement resulting in gross proceeds of $3,803,850.05 being received by ECU Silver. Pursuant to this private placement, ECU Silver issued an aggregate of 10,868,143 units at a price of $0.35 per unit, with each unit being comprised of one common share and one half of a common share purchase warrant. Each whole common share purchase warrant entitles its holder to acquire one common share at a price of $0.50 at any time before December December: see month. 13, 2007. The units are subject to a four month hold period during which no transactions are permitted. Such hold period will expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. on April 13, 2006 in respect of 2,285,715 units which were issued on December 13, 2005 and April 24, 2006 in respect of 8,582,428 units which were issued on December 22, 2005. Union Securities Ltd. (the "Agent") acted as agent in connection with a portion of this offering of units. In consideration for its services, the Agent received cash commissions and finder's fees Finder's fee A fee a person or company charges for service as an intermediary in a transaction. finder's fee The charge levied by a person or firm for putting together a deal. totalling $331,908 as well as options to acquire an aggregate of 1,185,243 units at any time on or before December 13, 2007, at a price of $0.35 per unit. The proceeds of this offering will be used by ECU Silver toward the exploration and development of its Velardena property in the state of Durango, Mexico and to provide ECU Silver with working capital. It is expected that additional closings of this private placement will occur in early January 2006 for up to an additional 5,576,857 units, representing up to an additional $1,951,899.95 in gross proceeds. ECU Silver Mining Inc is a junior Gold, Silver, Zinc and Lead producer in the prolific mining district of Velardena, Mexico where historically over 500,000 ounces of Gold and 250,000,000 ounces of silver have been mined. Full scale production began in May 2005 at the Company's Santa Juana mine. To ensure the Company is positioned for continued growth and expansion, and to take full advantage of the current record setting metals prices, the Company has a fully operational infrastructure in place, several months of planned production available from the current stopes Stopes , Marie Carmichael 1880-1958. British social reformer who opened England's first birth control clinic (1924) in London and later promoted family planning in east Asia. , and ongoing exploration programs. Statements in the release that are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. We undertake no duty to update any forward-looking statement to conform the statements to actual results or changes in our expectations. Head Office Rouyn-Noranda Quebec, Canada J9X 7C8 Tel : (819) 797-1210 Fax : (819) 797-1214 Corporate Office J. I. Jimenez 663 colonia Los Angeles Torreon, Coahuila, Mexico, 27000 Tel: (01152)-871-717-8633 Fax: (01152)-871-718-5025 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 ad equacy or accuracy of this release. ECU Silver Mining Inc. (TSX VENTURE:ECU) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion