El Nino Ventures Inc (TSX.V: ELN) said it is raising up to CDN$2,25 million in a non-brokered private placement of up to 22.5 million units at a price of CDN$0.10 each to finance the company's 2009 exploration program for the Kasala copper project in the Democratic Republic of Congo and provide working capital.
Each unit will consist of one common share and one share purchase warrant which entitles the holder to purchase one common share at CDN $0.25 for 18 months.
El Nino has outlined its exploration program which will test the Kasala East Zone which has significant drill potential over 2.5 kilometers. In 2008, significant results were released for the Main Zone and the geophysics signature on the East Zone has the same footprint throughout with a very intense zone to the south. The Program calls for up to 5,000 meters of diamond drilling on this Zone.
The company also intends to do exploration reverse circulation drilling on its research permit 9316 just north of Lubumbashi where several active and old artisanal workings are located. This permit is located in between three world class operating mines, Ruashi, Etoile and Luswishi.
El Nino also announced the promotion of Tony Mayer from controller to chief financial officer.
President and CEO Jean Luc Roy said: "This financing will give the company the funds required to move the Kasala project forward. This project has great potential and the planned drill program will allow a full initial assessment. Much work has been done in compiling and analyzing the data from our 2008 exploration program resulting in the identification of several first class drill targets following the geological model we have put together for this project.