By Sheri Kasprzak
New York, Dec. 7 - Nuinsco Resources Ltd. said it has settled its previously announced private placement for C$1,503,335.
The company issued 5.36 million flow-through units at C$0.20 each and 2,875,568 non flow-through units at C$0.15 each.
The flow-through units include one flow-through share and one half-share warrant. The whole warrants are exercisable at C$0.25 each for two years. The non flow-through units include one non flow-through share and one warrant. The warrants are exercisable for two years at C$0.25 each.
MPartners Inc. was the placement agent.
The offering was first announced Oct. 31 as a C$2.5 million offering of up to 6,818,182 flow-through units at C$0.22 each and the rest in non flow-through units at C$0.18 each. The offering was reduced to C$2,132,000 - or up to 6.5 million flow-through units and 5,546,667 non flow-through units - under the present terms on Nov. 28.
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.
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Issue: | Flow-through and non flow-through units
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Amount: | C$1,503,335
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Placement agent: | MPartners Inc.
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Pricing date: | Oct. 31
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Settlement date: | Dec. 7
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Stock price: | C$0.18 at close Oct. 31
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Stock price: | C$0.175 at close Dec. 6
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Flow-through units
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Units: | 5.36 million
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Price: | C$0.20
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.25
|
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Non flow-through units
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Units: | 2,875,568
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Price: | C$0.15
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.25
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