Proceeds applied to more ownership of Techniton, exploration costs
By Toni Weeks
San Luis Obispo, Calif., Feb. 5 - Nitinat Minerals Corp. said it has arranged a C$3 million non-brokered private placement of units.
The company will sell up to 10 million units of one common share and one warrant at C$0.30 per unit, with each two-year warrant exercisable at C$0.40. The strike price is a 35.59% premium to C$0.295, the Feb. 4 closing share price.
Proceeds will be used to increase its ownership in Techniton LLC to 18% through its wholly owned subsidiary, Taman Petroleum Corp., and to fund its ongoing exploration work on the company's Jasper Property. Proceeds will also be used for general working capital.
Based in Toronto, Nitinat minerals is a mining exploration company that targets polymetallic, massive sulphide deposits.
| Issuer: | Nitinat Minerals Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$3 million
|
| Units: | 10 million
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 5
|
| Stock symbol: | TSX Venture: NZZ
|
| Stock price: | C$0.295 at close Feb. 4
|
| Market capitalization: | C$11.9 million
|
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