ECU Silver Mining Inc.-Press Release.ROUYN-NORANDA, Quebec Rouyn-Noranda (2006 population 39,924) is a city on Osisko Lake in northwestern Quebec, Canada. The city of Rouyn appeared after copper was discovered in 1917. Noranda (a contraction of "North Canada") was created later around the Horne mine and foundry. -- 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) is pleased to announce that it has entered into an agreement to sell, on a private placement basis, up to 14.3 million units ("Units"), 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 up to 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. $5,005,000 million the "Private Placement"). The "best efforts" Private Placement is intended to be for a maximum of 14.3 million units at a price of $0.35 per Unit and is subject to regulatory approval. Each Unit will consist of one (1) common share in the share capital of ECU Silver (a "Common Share") and half (1/2) of a Common Share purchase warrant (a "Purchase Warrant") entitling the subscriber to acquire, with each whole Purchase Warrant, one (1) Common Share at a price of $0.50 for a period of two years following the initial closing (the "Closing") of the Private Placement. ECU Silver is seeking protection of the issuance price from 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. (the "TSX-V") and will file a Private Placement notice form with the TSX-V within thirty (30) days from the date hereof. The issuance price was determined by ECU in accordance with the minimum pricing requirements of the TSX-V. Union Securities Ltd. ("Union") will act as lead agent in connection with the Private Placement. In consideration for their services, Union will receive a cash commission of 8% of the gross proceeds of the Private Placement and a number of broker warrants equal to 10% of the number of Units sold pursuant to the Private Placement. Each broker warrant will entitle en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: Union to acquire one Common Share for a period of two years following the initial Closing. Agents will also be entitled to an over-allotment option to purchase up to 15% of the Units issued on Closing, at a price equal to $0.35 per Unit, at any time within 10 days of the Closing, which will provide further gross proceeds of up to an additional CDN $750,750. 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 the offering will be used to fund the Company ongoing exploration and development program of the Velardena property in the state of Durango, Mexico, and for general working capital purposes. Head Office Rouyn-Noranda Quebec, Canada J9X 7C8 Tel : (819) 797-1210 Fax : (819) 797-1214 Mexico 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 does not accept responsibility for the ad equacy or accuracy of this release. ECU Silver Mining Inc. (TSX VENTURE:ECU) |
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