Etna Resources Inc. Announces a Minimum $3 Million Financing
01 10월 2009 - 10:20PM
Marketwired
Etna Resources Inc. ("Etna") (TSX VENTURE: ETN) is pleased to
announce a non-brokered private placement financing ("the
Offering") of a minimum of $3,000,000 at a price of $0.30 per unit.
Each unit will be comprised of one common share and one half of one
common share purchase warrant. Each whole warrant will entitle the
holder to purchase one additional common share at a price of $0.50
for a period of 18 months from the date of closing. The securities
issued in connection with the Offering will be subject to a hold
period as required by applicable securities laws. The Offering is
scheduled to close on or about October 30th, 2009 and is subject to
the receipt of all necessary corporate and regulatory approvals.
Proceeds from the Offering will be held in escrow pending the
closing of the Securities Exchange Agreement (as discussed below).
Following closing of the Securities Exchange Agreement the Company
intends to use the funds for exploration and development of nine
Lithium salar projects in Chile and for general working capital
purposes. A finder's fee may be payable in cash and/or finder's
units in connection with the Offering.
Etna has recently entered into a Securities Exchange Agreement
with Sociedad Gareste Limitada ("Gareste") whereby, upon closing of
the transaction, Etna will obtain interests in a total of nine
lithium salars in Chile. Gareste is a private Chilean company
established in the 1990s and engaged in the business of mineral
exploration in Chile. The existing portfolio of rights in the nine
salars to be transferred includes surface brine lakes or surface
flow at Lagunas Verde, Lagunas Bravas and Rio Salado/Pedernales,
and six additional lithium brine projects, all located in the
mineral-rich Atacama Region III. The rights in these nine lithium
salars cover a cumulative area in excess of 11,500 hectares, all
accessible via serviceable roads. It is believed that the salars
collectively carry the potential to host lithium in three distinct
brine types: surface water, shallow and deep brines.
On Behalf of the Board,
ETNA RESOURCES INC.
Jerry A. Minni, Director & Chief Financial Officer
This press release contains projections and forward-looking
information that involve various risks and uncertainties regarding
future events. Such forward-looking information can include without
limitation statements based on current expectations involving a
number of risks and uncertainties and are not guarantees of future
performance of the Company such as the statement that (i) the
closing of the financing may occur and that closing may occur on or
prior to October 31, 2010; (ii) proceeds from the Offering are
intended to be used by the Company to fund exploration and
development of nine Lithium salar projects in Chile; and (iii) the
belief that the Properties may carry the potential to host lithium
in three distinct brines types; There are numerous risks and
uncertainties that could cause actual results and the Company's
plans and objectives to differ materially from those expressed in
the forward-looking information, including the (i) inability to
obtain Exchange approval and close the acquisition and financing
for any reason; (ii) adverse market conditions; (iii) a decrease in
demand for and price of lithium; and (iv) general uncertainties
with respect to mineral exploration in general. Actual results and
future events could differ materially from those anticipated in
such information. These and all subsequent written and oral
forward-looking information are based on estimates and opinions of
management on the dates they are made and are expressly qualified
in their entirety by this notice.
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. The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act"), or any state securities laws and may not be
offered or sold within the United States or to "U.S. Persons", as
such term is defined in regulation s under the U.S. Securities Act,
unless an exemption from such registration requirements is
available.
Neither 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.
Contacts: Etna Resources Inc. Jerry A. Minni Director &
Chief Financial Officer 604-683-8610
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