Erin Ventures Announces Proposed Private Placement

Rhea-AI Summary

Erin Ventures plans a private placement to raise $500,000 by issuing up to 6,666,667 units at $0.075 per unit, subject to TSX Venture Exchange approval. Each unit consists of one common share and a warrant exercisable at $0.10 for two years. The warrants feature an acceleration clause if share prices reach $0.15 for ten consecutive days. Proceeds will fund the Piskanja boron project in Serbia and working capital.

Positive

• Proposed private placement could raise $500,000.
• Funds will support the Piskanja boron project development.

Negative

• Financing is subject to approval from the TSX Venture Exchange.
• Potential risks related to forward-looking statements regarding costs and economic grades of minerals.

VICTORIA, BC / ACCESSWIRE / September 17, 2021 / Erin Ventures Inc. ("Erin" or the "Company") (TSXV:EV) announces that, subject to the approval of the TSX Venture Exchange (the "TSXV"), it intends to complete a private placement offering of up to 6,666,667 units of the Company ("Units") at a price of $0.075 per Unit for gross proceeds of approximately $500,000 (the "Offering").

Each Unit in this Offering will be comprised of one (1) common share in the capital of the Company (a "Share") and one (1) common share purchase warrant (each, a "Warrant"). Each Warrant will have a two (2) year term and will be exercisable into one (1) Share at a price of $0.10.

The Warrants also have an acceleration clause whereby if the Common Shares trade on the TSXV at a price equal or greater than the designated trigger price of $0.15 for more than ten (10) consecutive trading days during the Exercise Period, 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 Private Placement remains subject to the approval of the TSXV.

The net proceeds from this financing will be used to fund further development of its wholly owned Piskanja boron project in Serbia, and for working capital purposes.

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. Headquartered in Victoria, B.C., Canada, Erin's shares are traded on the TSX Venture Exchange under the symbol "EV" and the OTCQB Venture Market 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.

For further information, please contact:
Erin Ventures Inc.
Blake Fallis, General Manager
Phone: 1-250- 384-1999 or 1-888-289-3746
info@erinventures.com
www.erinventures.com

Erin's Public Quotations
Canada
TSX Venture: EV
USA
OTCQB: ERVFF
Europe
Berlin: 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.

SOURCE: Erin Ventures Inc.

View source version on accesswire.com:
https://www.accesswire.com/664589/Erin-Ventures-Announces-Proposed-Private-Placement

FAQ

What is the purpose of the private placement by Erin Ventures (ERVFF)?

The private placement aims to raise approximately $500,000 to fund the development of the Piskanja boron project in Serbia and provide working capital.

What are the terms of the units being offered in the Erin Ventures (ERVFF) private placement?

Each unit consists of one common share and one warrant, with the warrant exercisable at $0.10 for two years.

What are the conditions for the warrant acceleration in Erin Ventures (ERVFF) private placement?

If common shares trade at or above $0.15 for ten consecutive days, Erin Ventures may require holders to exercise their warrants within 30 days.

How many units is Erin Ventures (ERVFF) planning to issue?

Erin Ventures plans to issue up to 6,666,667 units in the private placement.

When was the Erin Ventures (ERVFF) private placement announced?

The private placement was announced on September 17, 2021.