El Tigre Silver Corp.
TSX VENTURE : ELS
FRANKFURT : 5RT
PINK SHEETS : EGRTF

El Tigre Silver Corp.

December 14, 2010 18:13 ET

El Tigre Silver Corp. Announces Closing of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 14, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

El Tigre Silver Corp. (TSX VENTURE:ELS)(PINK SHEETS:EGRTF)(FRANKFURT:5RT) ("El Tigre" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Private Placement") of 10,000,000 units of the Company ("Units") for aggregate gross proceeds of $2,500,000. Each Unit consists of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire an additional common share of the Company for a period of two years from the date of issue at a price of $0.40 for the first year and $0.55 for the second year. In connection with the Private Placement, the Company has paid an aggregate cash fee of $96,600 and issued 169,400 common shares to certain finders.

All securities issued pursuant to the Private Placement are subject to a four month statutory hold period expiring April 15, 2011.

The proceeds of the Private Placement will be used to fund the second phase of the work program on the Company's El Tigre property, which will include a drill program to start in January 2011 and for general working capital purposes. This work program will consist of a total of 10,000 metres of core drilling plus operating costs of a camp and further surface sampling, mapping and exploration of other known targets.

About El Tigre

The Company, through it subsidiaries, holds the rights to nine mineral concessions located in north-eastern Sonora, Mexico (the "El Tigre Property"). A technical report has been prepared for the El Tigre Property and can be found on the Company's profile on SEDAR at www.sedar.com and on the Company's website.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN, THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • El Tigre Silver Corp.
    Stuart Ross
    President and CEO
    (780) 977-7187
    or
    El Tigre Silver Corp.
    Eugene K. Schmidt
    Vice President of Exploration
    011-521-662-233-7445
    www.eltigresilvercorp.com