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ECU Silver Mining Inc.: Announces Up To $25 Million Private
Placement led by Blackmont Capital Inc.
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Toronto, May 3, 2007 - ECU Silver Mining Inc. (TSX-V:ECU) has announced
an agreement with a syndicate of agents led by Blackmont Capital Inc
and including CIBC World Markets Inc., Desjardins Securities Inc., TD
Securities Inc. and Salman Partners Inc. to raise up to $25,000,000 by
way of a marketed private placement of units. Each unit will consist of
one common share and one half of a common share purchase warrant. Each
full common share purchase warrant will be exercisable for a period of
24 months following closing. Pricing of the offering will be determined
in the context of the market.
The Agents will receive a cash fee equal to 6% of the gross proceeds
raised from the placement.
Completion of the private placement is subject to certain conditions,
including satisfactory due diligence by the Agents and receipt of all
necessary regulatory approvals.
The net proceeds of this private placement will be used to advance the
company's Mexican silver properties. Closing of the private placement
is expected on or about May 30, 2007.
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 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 Buzbuzbian, 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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