Pursuant to the terms of the private placement, Erin issued 7,263,263 units ('Units') at a price of
The Warrants also have an acceleration clause whereby if the Common Shares trade on the
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
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
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in
About
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).
Contact:
Tel: 1-250- 384-1999
Web: www.erinventures.com
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.
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