Funds from units, flow-through units sale for mineral exploration
By Marisa Wong
Madison, Wis., Oct. 5 - Nuinsco Resources Ltd. said it completed two non-brokered private placements of units of C$500,000 each for total proceeds of C$1 million.
In a private placement, Nuinsco sold 10 million units at a subscription price of C$0.05 per unit. Each unit is comprised of one common share and one half-share warrant.
Each whole warrant entitles the holder to purchase one common share at an exercise price of C$0.10 for a period of two years from closing of the placement.
In a flow-through private placement, the company offered 7,142,857 flow-through units at a subscription price of C$0.07 each. Each flow-through unit is comprised of one common share and one half-share warrant issued on a "flow-through" basis.
Each whole flow-through warrant entitles the holder to purchase one common share at an exercise price of C$0.10 for a period of one year from closing of the offering.
The warrant strike prices in both placements equal the closing price of Nuinsco stock on Oct. 1.
Proceeds of the private placement of units will be used primarily for exploration of the company's existing Middle East North Africa region mineral projects located in Turkey and Egypt.
Proceeds of the flow-through private placement will to be used for exploration of the company's Olympian gold project and Prairie Lake rare earth project in Ontario.
Nuinsco is a Toronto-based mineral exploration and development company focused on uranium, copper, zinc and gold in mineralized belts in Canada, Turkey and Egypt.
| Issuer: | Nuinsco Resources Ltd.
|
| Issue: | Units of one common share and one half-share warrant, units of one common share and one half-share flow-through warrant
|
| Amount: | C$1 million
|
| Agent: | Non-brokered
|
| Settlement date: | Oct. 4
|
| Stock symbol: | TSX Venture: NWI
|
| Stock price: | C$0.095
|
| Market capitalization: | C$24.51 million
|
|
|
| Units
|
| Amount: | C$500,000
|
| Units: | 10 million
|
| Price: | C$0.05
|
| Warrants: | One half-share warrant per unit; each whole warrant to purchase one common share
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
|
|
| Flow-through units
|
| Amount: | C$500,000
|
| Units: | 7,142,857
|
| Price: | C$0.07
|
| Warrants: | One half-share flow-through warrant per unit; each whole warrant to purchase one common share
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.10
|
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