New York, Dec. 31 - Nuinsco Resources Ltd. said Friday it completed a downsized and reduced price private placement for C$1,218,226.
The deal was originally announced at C$5 million, then cut to C$2 million and the price reduced.
However Nuinsco did say it plans to raise additional funds in the coming weeks.
The flow-through shares in the deal are priced at C$0.25, down from the C$0.30 announced Oct. 14. The units in the deal are priced at C$0.20, down from the C$0.25 announced Oct. 14.
The units in the offering include one share and one half-share warrant. The whole warrants allow for an additional share at C$0.30 for two years.
Placement agents are McFarlane Gordon Inc. and Pacific International Securities Inc.
Based in Toronto, Nuinsco is a nickel exploration and development company. The company plans to use the proceeds from the flow-through shares for exploration work, particularly on its Mel deposit in Manitoba. The funds from the units will be used for acquisitions and working capital.
Issuer: | Nuinsco Resources Ltd.
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Issue: | Flow-through shares and units of one share and one half-share warrant
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Amount: | C$1,218,226
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Placement agent: | McFarlane Gordon Inc. and Pacific International Securities Inc.
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Announcement date: | Oct. 14
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Re-priced: | Dec. 10
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Settlement: | Dec. 31
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Stock price: | C$0.25 at close Oct. 14
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Stock price: | C$0.23 at close Dec. 10
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Flow-through shares
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Issue: | Flow-through shares
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Price: | C$0.25
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Warrants: | No
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Units
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Issue: | Units of one share and one half-share warrant
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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$0.30
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