By Sheri Kasprzak
New York, Feb. 27 - New Island Resources Inc. said it plans to raise C$2.03 million in a private placement.
The company plans to issue 3.4 million flow-through shares at C$0.45 each and up to 1.25 million units at C$0.40 each.
The units consist of one share and one warrant. Each warrant is exercisable at C$0.70 each for two years.
Research Capital Corp. is the placement agent.
Proceeds will be used for exploration and development on the company's mineral properties and for working capital.
Based in St. John's, Newfoundland, New Island is a mineral exploration company.
| Issuer: | New Island Resources Inc.
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| Issue: | Flow-through shares and units of one share and one warrant
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| Amount: | C$2.03 million (maximum)
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| Placement agent: | Research Capital Corp.
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| Pricing date: | Feb. 27
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| Stock symbol: | TSX Venture: NIS
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| Stock price: | C$0.39 at close Feb. 27
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| Flow-through shares
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| Shares: | 3.4 million (maximum)
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| Price: | C$0.45
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| Warrants: | No
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| Units
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| Units: | 1.25 million
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| Price: | C$0.40
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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$0.70
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