E-Tech Resources Inc. Increases Previously Announced Private Placement to $700,000
Summary
The proceeds from the private placement will be used to support the Companys ongoing exploration and operational activities.To facilitate the Financing, E-Tech has entered into an agreement with Numus Capital Corp., a registered Exempt Market Dealer, to act as agent for the Financing. Each compensation warrant will be exercisable into a Share of E-Tech at $0.06 per share for a period of 24 months from closing.Completion of the Financing is subject to the satisfaction of certain conditions, including the approval of the TSX Venture Exchange, and all securities issued pursuant to the Financing will be subject to a four-month and one day hold period.The engagement of Numus Capital Corp. and the Financing may constitute Related Party Transactions under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (MI-61-101). The project is situated next to the national B1 highway in the Erongo Region of Namibia.The Eureka deposit lies in the Southern Central Zone of the Neoproterozoic Damara Belt within Exclusive Prospecting License (EPL) number EPL 6762, which covers farms Eureka 99 and Sukses 90. E-Tech has also entered a definitive agreement to acquire an 85% interest in the permit EPL 8748 which lies adjacent to and surrounds the Companys EPL 6762.Namibia is recognized as one of Africas most politically stable jurisdictions, with an extremely well-established national infrastructure and a clear and transparent mining law.Cautionary Statements This press release may contain forward-looking information, such as statements regarding the Financing. Additional information identifying risks and uncertainties is contained in the filings made by E-Tech with Canadian securities regulators, which filings are available at www.sedar.com.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.For further information, please contact Todd Burlingame, CEO of E-Tech Resources Inc., at (782) 409-5474.