Erin Ventures Completes Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VICTORIA, BC / ACCESSWIRE / September 24, 2021 / Erin Ventures Inc. (“Erin”) (TSXV:EV) is pleased to announce that it has completed its non-brokered private placement offering initially announced on September 17, 2021 for gross proceeds of $544,744.75 (the “Offering”).
Pursuant to the terms of the private placement, Erin issued 7,263,263 units (“Units”) at a price of $0.075 per Unit. Each Unit is comprised of one (1) common share (“Common Share”) and one (1) Common Share purchase warrant (“Warrant”). The Warrants are exercisable for two (2) years at a price of $0.10.
The Warrants also have an acceleration clause whereby if the Common Shares trade on the TSX Venture Exchange (“TSXV”) at a price equal or greater than the designated trigger price of $0.15 for more than ten (10) consecutive trading days, Erin shall have the right to give written notice to the holder requiring the holder to exercise the Warrant, in whole or in part, within a period of thirty (30) days from the date of receipt of notice from Erin.
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 net proceeds from this financing will be used to fund further development of its Piskanja boron project in Serbia, and for general working capital purposes.
This offering will be carried on a private placement basis pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSXV. Two arm’s length finders are to be paid finders’ fees for an aggregate amount equal to $27,600.00 in accordance with the rules of the TSXV Corporate Finance Manual.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
On behalf of the Board of Directors,
Blake Fallis, General Manager
About Erin Ventures
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” and the OTC PINK under the symbol “ERVFF”. For detailed information please see Erin’s website at www.erinventures.com or the Company’s filed documents at www.sedar.com.
Piskanja is a high-grade boron deposit with a NI 43-101 compliant mineral resource of 5.6 million indicated tonnes (30.8% B2O3), in addition to 6.2 million inferred tonnes (28.8% B2O3).
For further information, please contact: Erin’s Public Quotations:
Erin Ventures Inc. Canada
Blake Fallis, General Manager TSX Venture: EV
Phone: 1-250- 384-1999 or 1-888-289-3746 USA
645 Fort Street, Suite 203 (OTC PINK:ERVFF)
Victoria BC V8W1G2 Europe
Canada 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. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking information. These and other factors made in public disclosures and filings by the Company should be considered carefully and readers should not place undue reliance on the Company’s forward-looking information. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. “Inferred Resources” have a great amount of uncertainty as to their existence, and economic and legal feasibility. Investors are cautioned not to assume that all or any part of an inferred mineral resource reported in this news release will ever be upgraded to a higher category or to reserves. U.S. persons are advised that while mineral resources are recognized under Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. U.S. persons are also cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable.
SOURCE: Erin Ventures Inc.
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