By Sheri Kasprzak
New York, Oct. 31 - Nuinsco Resources Ltd. said it arranged a private placement for up to C$2.5 million.
The company plans to sell up to 6,818,182 flow-through units at C$0.22 each. The remainder of the offering will be made up of non flow-through units at C$0.18 each.
The flow-through units include one flow-through share and one half-share warrant. The whole warrants allow for the purchase of another share at C$0.30 each for two years.
The non flow-through units are comprised of one non flow-through share and one warrant. The warrants are exercisable at C$0.30 each for two years.
M. Partners Inc. is the placement agent for the offering and has the option to increase the size of the deal by 4%.
Proceeds from the flow-through units will be used for exploration on the company's Diabase uranium project in Saskatchewan and the Minago nickel deposit in Manitoba. The proceeds from the non flow-through units will be used for acquisitions, working capital and exploration on the company's Berta project in Turkey.
Toronto-based Nuinsco is a uranium exploration company.
| Issuer: | Nuinsco Resources Ltd.
|
| Issue: | Flow-through and non flow-through units
|
| Amount: | C$2.5 million
|
| Placement agent: | M. Partners Inc.
|
| Pricing date: | Oct. 31
|
| Stock price: | C$0.18 at close Oct. 31
|
|
|
| Flow-through units
|
| Units: | 6,818,182 (maximum)
|
| Price: | C$0.22
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
|
|
| Non flow-through units
|
| Price: | C$0.18
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
|
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