Erin Ventures Announces Proposed Issue of Units in Satisfaction of Certain Outstanding Convertible Debentures
VICTORIA, April 9, 2020 - Erin Ventures Inc. ("Erin" or the "Company") (TSXV:EV) announces that, subject to the approval of the TSX Venture Exchange (the "TSXV"), it intends on Monday, April 13, 2020 to issue 7,308,393 units of the Company ("Units") at a price of $0.035 per Unit, to holders (the "Debenture Holders") of certain outstanding amended and restated 12% interest-bearing convertible debentures issued on April 10, 2015, July 14, 2015, and November 3, 2015 representing an aggregate principal amount equal to $245,000 and the amount of accrued interest as of the intended closing date equal to $10,793.43 (collectively, the "Debentures") in full and final satisfaction of the Company's obligations under such Debentures, pursuant to the terms of debt settlement agreements between the Company and each Debenture Holder (the "Shares for Debt Settlement").
Each Unit is analogous to the Units issued under the recently announced private placement, 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 three (3) year term (the "Exercise Period") and will be exercisable into one (1) Share at a price of $0.075 in the first year and $0.10 thereafter per Share over the Exercise Period.
The Units will be subject to a four-month hold period and the Exchange Hold Period as defined in the TSXV Corporate Finance Manual.
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 OTCQB 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. | Erin's Public Quotations: Canada |
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.