By Sheri Kasprzak
Atlanta, March 11 - Nuinsco Resources Ltd. said it will raise up to C$2 million in a private placement.
The offering includes up to 5,769,230 flow-through units at C$0.26 each for up to C$1.5 million in proceeds.
The flow-through units include one flow-through share and one flow-through warrant. The warrants allow for an additional share at C$0.40 each for nine months.
The remainder of the offering will be in common-share units priced at C$0.22 each.
The common-share units include one share and one warrant. The warrants provide for an additional share at C$0.40 each for two years.
Placement agent McFarlane Gordon Inc. has an over-allotment option for up to C$500,000.
Based in Toronto, Nuinsco is a nickel exploration company. It plans to use the proceeds from the flow-through shares for exploration on its Diabase uranium project in Saskatchewan and its Minago nickel deposit in Manitoba. The proceeds from the common-share units will be used for acquisitions, working capital and exploration on the Berta project in Turkey.
| Issuer: | Nuinsco Resources Ltd.
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| Issue: | Flow-through units and common-share units
|
| Amount: | C$2 million (maximum)
|
| Greenshoe: | Up to C$500,000
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| Placement agent: | McFarlane Gordon Inc.
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| Pricing date: | March 11
|
| Stock price: | C$0.265 at close March 10
|
|
|
| Flow-through units
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| Issue: | Flow-through units of one flow-through share and one flow-through warrant
|
| Units: | 5,769,230 (maximum)
|
| Price: | C$0.26
|
| Warrants: | One flow-through warrant per unit
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| Warrant expiration: | Nine months
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| Warrant strike price: | C$0.40
|
|
|
| Common-share units
|
| Issue: | Common share units of one share and one warrant
|
| Price: | C$0.22
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
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