By Sheri Kasprzak
Atlanta, Oct. 14 - Nuinsco Resources Ltd. said Thursday it plans to raise C$5 million in a private placement of deal through agents McFarlane Gordon Inc. and Pacific International Securities Inc.
The deal consists of a combination of units and flow-through shares. The flow-through shares will not exceed C$2 million and will be offered at C$0.30.
The units are priced at C$0.25 and will consist of one common share and one-half a share purchase warrant. The warrants expire two years from the closing, which is expected to happen Nov. 4.
The placement agents have the option to increase the offering by C$1 million.
Nuinsco is a nickel exploration and development company based in Toronto. The company plans to use the funds from the flow-through shares for exploration work and from the units for acquisitions and working capital.
| Issuer: | Nuinsco Resources Ltd.
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| Issue: | Units of common shares and ½ purchase warrant, also flow-through shares
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| Amount: | C$5 million (maximum C$2 million of flow-through shares)
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| Greenshoe: | C$1 million of units
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| Price: | C$0.25 per unit/C$0.30 per share
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| Warrants: | Units include ½ purchase warrant with one share
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.30
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| Placement agent: | McFarlane Gordon Inc. and Pacific International Securities Inc. (joint leads)
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| Pricing date: | Oct. 14
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| Announcement date: | Nov. 4
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| Stock price: | C$0.245 at close Oct. 14
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