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ECU Silver Mining Inc.: Announces Pricing of Previously Announced
$25 Million Private Placement led by Blackmont Capital Inc.
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NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE
SERVICES
Toronto, May 4, 2007 -- ECU Silver Mining Inc. (TSX-V:ECU) is pleased
to announce that it has agreed to pricing for its previously announced
public offering of units. ECU Silver Mining Inc.'s offering will
consist of 10,870,000 units at a price of $2.30 per unit (the
"Offering"). Each unit will consist of one common share and one half of
one common share purchase warrant. Each full common share purchase
warrant will be exercisable at $2.85 for a period of 24 months
following the closing of the Offering.
If the closing price of the common shares of ECU Silver Mining Inc. on
the TSX Venture Exchange is equal to or greater than $3.75 per common
share for a period of 20 consecutive trading days any time after four
months and one day after the date of the closing of the Offering, ECU
Silver Mining Inc. may accelerate the expiry date of the warrants
issued under the Offering by giving notice to the holders thereof and
in such case the warrants will expire on the 30th day after the date on
which such notice is given.
The securities issued under the Offering will be subject to a four
month hold period in Canada.
In connection with the Offering, ECU Silver Mining Inc. will also grant
to the Agents (as defined below) an option to increase the size of the
Offering by up to 15% (up to 1,630,500 units) for a period of 30 days
from the closing of the offering, to cover over-allotments, if any, and
for market stabilization purposes. If the over-allotment option is
exercised in full, gross proceeds of the offering would be
approximately $28,751,150.
The completion of the offering is subject, among other things, the
approval of the Toronto Venture Stock Exchange (TSX-V) and the
applicable Canadian securities commissions. Completion is expected on
or about May 30th, 2007.
Blackmont Capital Inc. will act as lead agent in connection with the
offering, together with a syndicate of agents which will include, CIBC
World Markets Inc., Desjardins Securities Inc., TD Securities Inc. and
Salman Partners Inc. (collectively the "Agents").
ECU Silver Mining Inc. (www.ecu.ca) is engaged in gold, silver and base
metals exploration development, and has its mining operations in the
Velarde�a property in Mexico. The property includes five historical
mines: Santa Juana, Terneras, San Mateo and San Juanes, which are
interconnected, plus the San Diego mine. The Company is currently
treating development muck and vein material from stopes from the Santa
Juana mine, for treatment at the Velarde�a mill. The Company is
currently extracting vein material from one of its five historical
mines and it processes its mineralized material at its own milling
facilities in Velarde�a. The Company also maintains interests in
exploration properties in north western Qu�bec.
The securities offered have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in
the United States or to, or for the benefit of U.S. persons except in
certain transactions exempt from the registration requirements of such
Act. This news release shall not constitute an offer to sell nor the
solicitation of an offer to buy nor shall there be any sale of the
securities in any state in which such offer, solicitation or sale would
be unlawful.
Disclosure regarding forward-looking statements
Note: 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 Corporation. These risks and uncertainties could cause actual
results and the Corporation's plans and objectives to differ materially
from those expressed in the forward-looking information. 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 expressly qualified in their
entirety by this notice. The Corporation assumes no obligation to
update forward-looking information should circumstances or management's
estimates or opinions change.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information please contact:
Stephen Altmann, President, or
Richard Buzbuzian, Vice-President
ECU Silver Mining Inc
(416) 644-8640
www.ecu.ca
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Copyright (c) 2007 ECU SILVER MINING INC. (ECU) All rights reserved.
For more information visit our website at http://www.ecu.ca/ or send
mailto:ecu@ecu.ca
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